Landlords ‘must support local communities and provide for social tenants’ – LandlordZONE

A leading property management firm has called on private landlords to support the social tenant sector following yesterday’s report from London Councils that a shortage of properties and high rents in the private sector are luring many landlords away.

London-based Elliot Leigh, which has been working in property management in the South East for 20 years helping house social tenants via guaranteed rent schemes with landlords, agrees with London Councils that stock levels are at their lowest ever.

Disheartened

Co-founder Elliot Altman (main picture) is calling on disheartened landlords to consider a move to the social market to provide desperately needed accommodation within the local community, in return for guaranteed long-term rent and a fully managed property.

“We understand that right now, landlords are frustrated by incoming legislation, and it is causing many to consider selling up.

“Obviously, some are being forced to sell as rising interest rates mean it is no longer financial viable.

“But for those landlords who are on the fence, and can afford to remain as a landlord, would like to for the long-term capital appreciation but do not have the time inclination to keep up with the every-changing rules and regulations, we would ask you to consider an alternative offering.

Local community

“Instead, consider leasing your properties to help your local community, in return for guaranteed rent and exceptional property care.”

Elliot’s firm has helped house more than 50,000 social tenants since being established in 2003, also providing young people leaving care with supported accommodation.

“Local authorities are in desperate need of more landlords to work with them, as arrears in the private rented sector increase and more people are facing homelessness,” he adds.

“By the end of March 2023, there were more than 100,000 households living in temporary accommodation, such as hotels and B&Bs – the highest figure since records began.

“We fully understand that landlords may be anxious about the looming Renters’ Reform Bill, with changes such as new periodic tenancies (which removes financial security for landlords), plus the abolition of section 21.

“But we believe that our alternative offering of guaranteed rent could reassure landlords and encourage more to remain in the market by mitigating many of the risks associated with the incoming legislation.”