General ‘wear and tear’ is a fact of life when you are letting out properties. Things can sometimes become a little blurry when it comes to knowing what should be covered by you as a landlord, and what are the tenant’s responsibilities.
For the UK, creating a link between the growth of the private rented sector and the delivery of new homes offers the opportunity to both increase the volume of homes built in the UK, and improve the experience of renters. 2016 will be a formative year in the growth of the institutionally backed build to rent sector.
With the new Right to Rent Scheme launched on 1st February 2016, Landlords are now required by law to check any potential immigration status before granting a tenancy. Failure to do so can result in fines of up to £3000.
The recent September issue of Landbays Rental Index has reported an annual rise in rental prices in the UK of 3.9% for one bedroom properties. The report suggests the reason for such growth is down to the huge increase in demand from graduates looking to live near their first job.
Tenants and owner occupiers seek different things when acquiring a home, understanding these differences allows canny landlords to tailor their rental properties to meet tenant requirements. This and other planning strategies can help boost landlord returns.
There is growing public clamour for the government to tackle the overpriced rental sector, as fresh figures have shown that housing costs for tenants are eating up the majority of their incomes. As such, they are toiling in their efforts to save for homes of their own, giving added weight to fears that rocketing rental prices are “trapping” a large cohort of young people.