Landlords selling up sparks concern among student renters

Student renters are worried about how landlords are selling up ahead of the Renters’ Rights Bill, claims a new survey.

According to Housing Hand, student renters are worried about how the bill will impact them and the loss of rental properties.

The news comes after an industry body claimed students could be left worse off under the Renters’ Rights Bill.

Landlords choosing to sell up ahead of the impending changes

According to Housing Hand, 27% of students hadn’t heard of the proposed Bill, and 76% don’t understand how it will impact them when it comes into force.

The report says many students were confused about how the bill would affect joint tenancies, with concern that one tenant giving notice could end the tenancy for all.

The report also warns that many students fear landlords will either increase rents or sell up entirely in response to the Renters’ Rights Bill.

The report said: “Some participants worried that landlords would increase rent or sell off properties in response. One even shared the story of a friend who had already experienced this, as his landlord chose to sell up ahead of the impending changes.

“If this response is widespread, renters fear it could exacerbate existing issues with high rents in sought-after areas by reducing the number of properties on the rental market.”

34% of renters didn’t know what a guarantor was

Elsewhere in the report, it reveals more than 34% of renters didn’t know what a guarantor was before being asked to provide one.

Housing Hand says for many students, it can be difficult to find a UK-based guarantor, particularly for international students.

The survey reveals 38% of student renters said their preference would be to use a guarantor service, with 23% preferring to rely on parents, 15% friends and 15% wider family.

The report also reveals 53% of student renters don’t understand how tenancy deposit protection schemes work and 67% don’t know how long it takes to get their deposit back through the tenancy deposit protection process.

Educate renters before bill comes into force

James Maguire, sales and business development director, at Housing Hand, says it’s now more important than ever to educate renters before the Renters’ Rights Bill comes into force.

He said: “We need to ensure that student renters understand their legal commitments and responsibilities in terms of contracts and notice periods.

“With the proposed Renters’ Rights Bill moving rapidly towards becoming law, there is an opportunity that we must not miss to better support students throughout the rental process. Providing them with timely, relevant information in a clear, easily digestible format should be a core part of the rental service that all those in the sector deliver, from landlords and letting agents through to purpose-built student accommodation operators.”