Nearly half of UK landlords (44%) plan to raise rents in response to the new Renters’ Rights Bill, according to survey data from Landbay.
Among those raising rents specifically because of the bill, 32% were landlords with four to 10 properties, followed by 28% with portfolios of 16 to 30 properties.
Landlords increasing rents due to the Renters’ Rights Bill expected an average rise of 6%, adding £74 per month to the average rent.
Rob Stanton (pictured), sales and distribution director at Landbay, said: “This 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.
“By 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.
“Any 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.”
Stanton added: “There’s 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’s housing mix.
“While 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 – whether that’s for purchases or refinancing.”
