Nearly half of buy-to-let landlords (44%) plan to pre-emptively raise rents in response to the new Renters\u2019 Rights Bill, survey data from Landbay can reveal.<\/p>\n
Under the Renters\u2019 Rights Bill, landlords will be limited to just one rent increase per year to the market rate \u2013 the price that would be achieved if the property was newly advertised to let.<\/p>\n
Tenants however have the opportunity to challenge this at a first-tier tribunal if they believe it exceeds market rate.<\/p>\n
The bill will also remove of Section 21 evictions.<\/p>\n
Rob Stanton, sales and distribution director of Landbay, said: \u201cThis sharp rise in rents in the short term shows the unintended consequence of this new regulation, as landlords look to act now and pre-emptively raise rents in fear of future cost implications or difficulties, and to protect their investments.<\/p>\n
\u201cBy forcing the hand of landlords in this way, there is a real risk of worsening the cost-of-living crisis that so many private renters are currently facing.<\/p>\n<\/p>\n
\u201cAny good and reasonable landlord will agree with protecting the rights of tenants, but they also believe that the rights of the property owner should be protected too.<\/p>\n
\u201cThere\u2019s no doubt we need to balance reform with support and safeguards for landlords to make sure that the rental market continues to play the important role it does in the UK\u2019s housing mix.<\/p>\n
\u201cWhile we may not be able to influence government policy or regulation, our role as a BTL lender is to ensure our product range is competitive and delivers exactly what landlords need \u2013 whether that\u2019s for purchases or refinancing.\u201d<\/p>\n
Of those who are raising rents specifically because of the Renters\u2019 Rights Bill, landlords with portfolios of between four and 10 properties are most likely to increase rents (32%), closely followed by those with between 16 and 30 properties (28%).<\/p>\n
Properties in the South East are most likely to be impacted, followed by those in the North West.<\/p>\n","protected":false},"excerpt":{"rendered":"
Nearly half of buy-to-let landlords (44%) plan to pre-emptively raise rents in response to the new Renters\u2019 Rights Bill, survey data from Landbay can reveal. Under the Renters\u2019 Rights Bill, landlords will be limited to just one rent increase per year to the market rate \u2013 the price that would be achieved if the property […]<\/p>\n","protected":false},"author":1,"featured_media":557,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2],"tags":[],"class_list":["post-556","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-second-home"],"yoast_head":"\n