50,000 rented homes needed to help ease shortage
2 years ago | 6 comments
Nearly half of all advertised rental homes are unavailable for immediate occupation
12:05 AM, 1st May 2024, 2 years ago
4
There’s a critical shortage of homes to rent across England, with less than half of those advertised being ready for tenants to move into, research reveals.
The findings from Zero Deposit highlight the imbalance between supply and demand and the urgent need for more landlords in the private rented sector (PRS).
The firm analysed nearly 128,000 listings and found that only 49% of rental properties are immediately available.
A further 16% are available within a month, while a staggering 24% of advertised properties are not ready for tenants for at least six months.
Rental homes are listed to let before they are available
The firm’s chief executive, Sam Reynolds, said: “Rental market supply is arguably the biggest issue within the sector today and such is the demand for rental homes that many are being listed to let before they are even available.
“This demonstrates the severe imbalance between supply and demand and really does highlight the need to encourage more landlords into the sector, and provide sufficient incentives for them to stay there, in order to provide the vital rental homes needed.”
He added: “Unfortunately, the Government is yet to realise the error of its ways in deterring buy to let investors in recent years and until they do, we’re unlikely to see the landscape change for the better.”
Available rented homes to move into
The North East suffers the most for available rented homes to move into, with just 42% of rental stock immediately available.
The research highlights that 35% is unavailable for at least six months.
Renters in the South East also face a shortage, with only 44% of properties ready for tenants and 25% unavailable for at least six months.
Renters in the West Midlands have the highest proportion of rental stock immediately available to tenants at 56%, with 53% available straight away across the East of England and in London it is 52%.
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Member Since December 2023 - Comments: 1587
9:47 AM, 1st May 2024, About 2 years ago
This is a problem for landlords, tenants and Local Authorities.
If outgoing tenants are not forced to leave the property as they find it, there will be a period of time when the property needs putting right.
For landlords, there are the expenses of the work, the void and other bills such as council tax and utilities.
For tenants, there is less choice available for immediate occupancy. Rents are higher because of this risk.
For Local Authorities, the void period means they have to fund expensive temporary accommodation.
The outgoing tenants that cause the problem are the ones that suffer the least.
Member Since December 2023 - Comments: 1587
10:31 AM, 1st May 2024, About 2 years ago
Just to add, when outgoing tenants are not guaranteed to leave on the agreed date (or a date imposed by a Court), landlords cannot give a date for when the property will definitely be available.
When the outgoing tenant finally leaves, the incoming tenant may need to give a month’s notice on their old property. They’ll certainly need to arrange the move. Unless they are prepared to pay two lots of rent, there will inevitably be a void period.
This could be fixed by allowing landlords to gain possession of their properties with sufficient notice and without a Court hearing . Maybe even four months or so if the rent is up to date. Two months would be more than enough if the rent is in arrears.
Notice could be given via the Local Authority to avoid any argument about when notice was given.
No need for Courts to be involved at all if the tenant has agreed to leave.
A similar ‘fixed end date’ should be available for Section 8 evictions with the notice period being longer for Grounds within the landlords’ control such as choosing to sell up or move back into the property themselves.
Member Since November 2016 - Comments: 227
11:39 AM, 1st May 2024, About 2 years ago
No one but the Government can address this, they caused the problem.
Member Since September 2023 - Comments: 335
2:34 PM, 1st May 2024, About 2 years ago
Reply to the comment left by Cider Drinker at 01/05/2024 – 10:31
Doesn’t help when councils effectively tell a tenant to ignore a legal notice and two acts.