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The Renters’ Rights Bill should be seen as a market correction rather than a threat, says Stephen Moss, CEO and founder of Sourced, which provides training for property businesses.
As the legislation awaits Royal Assent, Moss encourages the industry to view the Bill as a step that puts “people over profits,” offering a positive shift for the rental market.
“[The Renters’ Rights Bill] represents the type of reform and professionalisation that the industry should have embraced years ago,” he said.
Moss points to the latest Deposit Protection Service Private Rented Sector Review, which reveals that 91% of landlords who responded said they were concerned about the impact of the Renters’ Rights Bill, but urges landlords and those working in the property sector “not to panic”.
He continued: “We have never bought into the idea that the bill is a threat to professional lettings. On the contrary, we believe it will benefit the industry by reducing the number of rogue landlords and allow premium positioning for those quality agents who put people above profits.
“Replacing fixed term assured tenancies with periodic tenancies will help encourage long-term relationships… Good tenants who feel secure in their home stay will longer, pay reliably and are more likely to maintain their accommodation. This kind of market stability is always more profitable than uncertainty.
“We also support the abolition of Section 21, as we believe that for too long this has been used as a crutch by those problem landlords who are happy to allow their properties to deteriorate. Landlords who rely on eviction threats rather than good service to retain tenants will now be forced out of the market.
“In our experience, professional landlords have rarely needed Section 21 because tenants who feel happy and secure in their accommodation are unlikely to deliberately cause problems. Quality standards and thorough vetting of tenants and relationships will now be essential, rather than an option, and that can only be good for the industry.”
Sarah Byrne, Sourced Living brand manager, added: “We have always believed that people should come before profits, and the Renters’ Rights Bill validates our approach. Stability and fairness aren’t just good ethics, they’re good business.
“For too long, the industry has rewarded speed over service. The Renters’ Rights Bill levels the playing field, ensuring that quality agents who invest in relationships and standards are finally recognised.”
Renters’ Rights Bill ‘isn’t about protecting tenants – it’s about protecting council budgets’
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