Renting knowledge gaps risk tenant-landlord relationships

While 73% of renters believe they are financially savvy about renting, there are critical gaps in their knowledge – including 46% of tenants saying they don’t know how deposit protection schemes work, research reveals.

And 63% are clueless about the timeline for deposit refunds.

Additionally, 65% don’t know about deposit-free renting options, the survey from Housing Hand found.

Risk tenant-landlord relationships

The firm’s managing director, Graham Hayward, said: “Our research finds that, while the majority of private renters consider themselves financially literate when it comes to renting, there are significant gaps in their knowledge that pose a risk to harmonious tenant-landlord relationships.

“With the Renters’ Rights Bill set to deliver the biggest change to renting in a generation, the potential for knowledge gaps to cause issues grows exponentially.”

He added: “As such, we are calling on landlords and other accommodation providers to use our new research to help underpin more informed, smoother tenant relationships.”

Most don’t know about RRB

Most alarmingly, the survey of more than 1,700 renters and focus group insights, found that 69% of tenants are oblivious to the Renters’ Rights Bill.

The legislation is the biggest shake-up to the PRS in 30 years but the lack of awareness compounds other issues.

Housing Hand found that 33% of renters are unsure of the consequences of late rent payments, and 58% are uncertain about steps to take if unable to pay.

In shared tenancies, 67% are unaware of the implications if a housemate fails to contribute their share.

Mr Hayward said: “The Renters’ Rights Bill is moving through Parliament towards becoming law but, as our report reveals, renters haven’t had sufficient support in understanding all aspects of their current financial commitments, let alone how the Bill may impact them.

“There is a significant opportunity here for landlords and others in the sector to work with renters for the benefit of all those involved in the rental process.”