Renters Rights Bill: What Every Landlord MUST Know!
9:27 AM, 26th September 2024, 2 years ago
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Attention landlords and property investors! Brace yourself for the monumental changes of the Renters Rights Bill. This video is a must-watch to navigate the shifting property market and safeguard your investments. Discover how rent increases, evictions, and tenant protections are evolving and what it means for your property portfolio.
Key updates include:
- Periodic Tenancies: No more fixed terms; all tenancies are now rolling.
- Eviction Grounds: Section 21s are abolished, making eviction more challenging.
- Rent Increases: Annual hikes must now pass tenant tribunal scrutiny.
- Pet Policies: Tenants can keep pets; landlords must approve requests within 28 days.
- Decent Home Standards: Ensure compliance to avoid hefty fines.
Watch the video below
Tags:
Decent Home Standards, eviction rules UK, Landlord responsibilities, Landlords, no fixed term tenancies, periodic tenancies, pet policies for tenants, property investors, rent increases tribunal, rental property changes, renters rights bill, Section 21 abolished, Tenant rights, UK Property Market
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EPC - A good idea, but?
Member Since June 2014 - Comments: 106
9:51 AM, 28th September 2024, About 2 years ago
I live in a high-demand area, letting HMOs to young professionals. My latest room (late Aug) had 145 applications, of which only about 10 were non-starters, so 135 young professionals keen for a room. I did 8 viewings, and all desparate to take the room which I could only offer to one person. Tenants tend to stay with me for many years and the majority of the long-term ones are on lower than market rents because I haven’t followed the rapid recent increases.
I, and fellow landlords I know in my area, are all going to raise rents to as much as we can them soon, before the legislation comes into play, and while we can still issue S21s.
I also see a lot of let properties for sale in my areas, presumably due to landlords exiting. That means less competition, and even higher prices.
All these kinds of unintended consequences will reduce supply and raise market rents.
Member Since September 2015 - Comments: 9
8:10 AM, 8th October 2024, About 2 years ago
This might completely wrong as I am making very rough assumptions. So please feel free to correct me. I wondered how much this might cost for the rent tribunals considering 4.6 million rental properties, each needing a rent review every year. Cause why not its free.
That would mean about 380,000 rent review per month. Or 18,000 per working day (assuming 252 days). I assume a person could process 100 a day. So they would need 180 jobs. Again assuming minimum monthly wage as per GOV.uk of £1,462. Roughly it would cost £3.15 million per year. So less than £1 per rental.
I think the biggest thing is how long it might take to process the rent review.