The long-awaited and much anticipated Renters’ Rights Act has just received Royal Assent and is expected to be implemented over the next few months. The changes that the Act will bring undoubtedly impacts on Landlords and Tenants alike.
For Landlords we strongly believe that now is the time to plan very carefully for the changes that lie ahead in the near future. The importance of managing rental homes correctly will never be higher. The necessity to adapt to the new legislation will be essential. If as a Landlord, you don’t have your properties professionally managed you may want to consider changing and utilising a letting agent. A review of your property investment would also be likely to be sensible.
We would be delighted to discuss the changes in detail and explain how they will impact on future management. Picking an agent isn’t always easy but we hope to put your mind at rest, while ensuring your property management framework remains fully compliant and future proofed. We believe that securing the right tenant – in line with new regulations on discrimination – and comprehensively referencing potential tenants will be critical. It could be that rent guarantee policies will become an increasingly important tool to a landlord and property management.
Amongst a welter of changes will come the end of fixed term tenancies, restrictions on rent increases and the termination of no-fault evictions. We are of course happy to discuss all the changes in detail with tenants and landlords alike. Landlords who don’t adapt and comply will be at risk of penalties, delays in gaining possession and rental disputes.
Landlords may feel that the proposed changes will have a purely negative impact. However, it’s worth noting that rental prices remain historically high and the demand for rental properties is exceptionally strong. Whilst yields vary somewhat, property investment can still offer highly rewarding returns.
Tenants too have much to digest and understand. Again, we are here to help and explain how the Act will affect the day to day for a tenant.
We hope to meet or speak with many landlords and tenants over the next few weeks and months to help prepare for the challenges ahead.
