With the Renters’ Rights Bill entering the Committee stage in the House of Lords this month, it’s expected to become law by October or November.
Housing Hand, a renter’s insurance agency, recommended accommodation providers to prepare for the coming changes.
James Maguire, sales and business development director, Housing Hand, said: “Ensuring everyone is prepared for the impact of the Renters’ Rights Bill means engaging with the entire rental sector, to ensure a coordinated and seamless response to the proposed new legislation.
“From awareness-raising campaigns to new services designed to support renters, landlords and other accommodation providers, there is still much to do as the Bill continues its progress through Parliament.”
Reforms in the bill include the abolition of Section 21 ‘no fault’ evictions as well as the introduction of periodic tenancies.
Despite it representing such a significant change, as three quarters (75%) of private renters are unaware of how the proposed bill will impact them.
Graham Hayward, managing director, Housing Hand, said: “Now is the time to prepare. The Renters’ Rights Bill is anticipated to come into law later this year, meaning accommodation providers going to market at that point will be immediately impacted.
“As both purpose-built student accommodation providers and landlords of houses in multiple occupation respond to the new lettings landscape, we’re likely to see pricing becoming very competitive.
“As students become aware that they can sign up with an HMO and then end their tenancy at any point, versus committing to a 51-week PBSA contract, it will be interesting to see if and how demand shifts. Either way, the change is coming, so preparation will be key to successfully navigating the new landscape.”
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