Landlords brace for worst quarterly rents day

Empty shop

Retail landlords are bracing for what could be the worst quarterly rent day ever, when what is paid could be as little as 10% of what is owed.

The British Property Federation anticipated that as little as 20% of retail occupiers would pay third-quarter rent due tomorrow, although Retail Week understands that number could be as low as 10%.

Althugh non-essential stores reopened last week, property experts said that the collapse of retailers’ earnings during lockdown and the government extension of a ban on forced evictions meant tomorrow would be the worst rent day recorded for landlords.

One property source said: “It’ll be about 10% or 15% who end up paying. That’s going to be the lowest return in terms of rents on a quarterly day in history. For landlords, this situation is completely unprecedented. There’s no doubt this has been the worst period for property landlords ever.”

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