Almost half of landlords cut rents for tenants due to the pandemic losing around £14,000, according to data from Shawbrook Bank.

The challenger bank says 28% of landlords gave tenants a full rent payment holiday of up to three months due to “concerns around furloughs, job security and redundancy”, which lost them £7,500 in rental income since last March.

A further 18% of landlords agreed to rent reductions, where payments are made at a lower level for a period, at a cost of £6,500 over the same time span.

On average, rental payment holidays lasted for three months, while rent reductions lasted four months.

The survey adds, more than a third of landlords who agreed a rent reduction said they “proactively offered it to their tenant”, while 45% said it was “a mutual decision”.

Portfolio landlords, who own four or more properties, were more likely to have agreed rent cuts, with 17% of this type of landlord admitting to losing income, compared to 12% of single property landlords.

The report says, 59% of landlords who handed out rent reductions did so for more than one property.

Shawbrook Bank managing director of property finance John Eastgate says: “No amount of foresight could have prepared landlords, or tenants, for the impact of the pandemic.

“During this incredibly difficult period, landlords acted pragmatically, recognising the additional strain their tenants were under.

“In fact, in many cases landlords were initiating the conversation around cutting rents to ease their financial burden.

“This period has clearly underlined the critically important role that the private rental sector is playing, and will continue to play, in the UK housing market.

Responsible landlords have shown their reliability during a crisis, understanding the changing needs of their tenants and acting quickly.

“Solid fundamentals will underpin the market going forward, landlords and investors should look to a positive future.

“There is a strong argument to suggest that landlords in regional locations have never been in a better position to profit, while city centres will continue to represent good value as workers head back to the office, even if it is on a part-time basis.”

The lender surveyed more than 1,000 landlords, including 150 portfolio landlords, and 1,000 private tenants on their property portfolio and rental situation respectively.