Maintenance costs – one fifth of rental earnings spent on property upkeep

Rental property maintenance is essential to keep the home in good condition. Setting aside time for inspections, upgrades, and repairs to get done is vital for anyone aiming to keep their rental home in the best possible shape.

Property maintenance solution provider, Help me Fix, has revealed that maintenance costs now account for over a fifth of the average rental income of a property.

By analysing the current cost of maintaining a property, how this has changed and the proportion of rental income required to ensure the property remains fit for purpose, Help me Fix was able to accumulate these results. 

The true cost of maintaining a home

The findings show that the current annual cost of maintaining a property now sits at an average of £2,864 across the UK. 

Compared to the start of the year, this is a 4.7% increase. The cost of materials, services, and qualified tradespeople all contribute to the rise. 

Some of the most expensive annual maintenance costs can be found in London, costing £5,379 per year. This cost has increased the most since January in the East Midlands.

How much rental income goes towards maintenance? 

Based on the average UK rent currently sitting at £13,524, the cost of maintaining the average rental property requires 21.2% of rental income. 

Maintenance costs now account for 27.3% of the total average annual rental income across the East of England and 27% in the South East 

The proportion of rental income required to cover maintenance costs also sits above the national average in the East Midlands (26.2%), the South West (25.3%), the West Midlands (25.3%), London (24%), Wales (23.1%) and the North East (22.3%). 

Ettan Bazil, chief executive officer and founder of Help me Fix said:  “With inflation currently at a forty year high, the cost of maintaining a rental property has climbed by quite some margin since the start of the year alone. However, for many landlords and professional rental management firms, the escalating cost of materials has long been an issue. 

At the same time, the pandemic restrictions imposed during the numerous lockdowns have really shone a light on tenant welfare when it comes to the quality of accommodation. With the likes of the build to rent sector also driving standards upwards in this respect, it’s no longer acceptable to subject a tenant to subpar living conditions. 

So while maintenance costs are now swallowing a considerable chunk of a rental property’s earning potential, it’s a necessity that simply can’t be ignored.”