Commercial property rent collection rates remain weak at 21-day mark
According to a study from Remit Consulting, reported by Property Week, commercial property rent and service charge collection levels for more than 18,000 properties have only increased marginally in recent weeks.
Data from leading managing agents on 18,350 commercial and residential properties confirm that 21 days after March’s rent quarter day, 67% of the rents due had been collected, up from 57% after seven days. On rent quarter day itself, just 48% of rents were paid.
While the lockdown continues and most of the retail industry still at a standstill, retail rent collection levels remain particularly weak at just 54%, a 7% increase from seven days after rent quarter day. The only sector to see a substantial increase in rent collection was residential.
Service charge payment levels across commercial and residential property remain well below normal levels, rising from 48% seven days after rent quarter day to 56% in comparison to last year, where 80% of service charge bills had been paid after seven days.
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