Renters’ Rights Act Starts Today. The Positives for Bristol Landlords

Renters’ Rights Act Starts Today. The Positives for Bristol Landlords

As the clock struck midnight last night (May 1st), the first phase of the long-awaited Renter’s Rights Act came into force. It presents many challenges for landlords, but here we’ll focus on the positive side.

The Renters’ Rights Act brings in more certainty for everyone. Loose, informal tenancies that could cause problems in the past are now gone.

The law requires that new tenancies should be in writing and provide specific statutory information.

Now everyone should know what to expect from the other party.

The new rolling Assured Periodic Tenancies also bring some benefits.

Tenants who’d like to stay long-term, and landlords who’d like long-term tenants, have often wanted a more permanent arrangement. Previously, this wasn’t possible. Now it is.

The new rules on evictions are clearer than before, with clear-cut grounds for possession.

While this new system will take time to get up to speed, it should be better for landlords than the old one in the medium term.

Some of the new rules aren’t the problem they’ve been made out to be by the mainstream media.

For example, many landlords have been willing to take pets for years. Most tenants with pets make great tenants.

The new rules on rent rises, once a year up to market rent, bring clarity for all parties. They should help to reduce any awkwardness around raising the rent.

Annual rent rises will likely become the norm and be accepted by everyone.

Even though no-fault evictions are gone, there’s still an exit route if you want to sell your property (or move in yourself).

Selling up is a mandatory ground for possession. You don’t have to give any other reason. (But as with all the new laws, check the exact rules first if you’re considering using this route.)

The run-up to the Renters’ Rights Act has already seen some landlords sell up. That’s helped to keep demand and rent levels strong. Good landlords should have plenty of tenants to choose from and minimal, if any, voids.

Bad landlords have always made things harder for good landlords by undercutting them and breaking the rules. These landlords should be pushed out of the market by the new law.

Don’t get us wrong. We won’t be blowing up any balloons or popping any party poppers today. But while you might not agree with us, and we don’t expect everyone to agree with us, the Renters’ Rights Act isn’t necessarily as bad for landlords as it’s been painted.

Good tenant selection and professional property management are probably the key to successful letting as we enter this new era.

If you need our help with any aspect of letting or managing your property, please don’t hesitate to give us a call.

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