Landlords and Tenants Need to Seek a Win-Win Situation to Survive the Challenges

Multiple factors are causing the present plight of landlords and the dwindling housing supply in the UK. The year 2022 has been full of challenges like political uncertainty, the Russian invasion of Ukraine, the cost-of-living crisis, and harsh measures like the scrapping of Section 21, pushing things from bad to worse for private landlords and tenants alike. The present scenario is not favorable for tenants and landlords, as the situation is rapidly deteriorating.

Factors that force landlords to exit the PRS sector

Factors that force landlords to exit the PRS sector

According to government statistics, approximately 260,000 private landlords exited the Private Rental Sector, worsening the housing supply in the UK. It is widening the gap between demand and supply in the rental sector as many more landlords are preparing to leave the scene.

The Fairer Private Rental Sector white paper proved to be the harshest jolt to private renting in the last three decades. The 'unfair' proposals included:

• Abolishing Section 21,
• Shifting all tenancies to periodic, ending assured short-hold tenancies,
• ·Permitting landlords to hike rents only once a year while allowing tenants to challenge a rent hike

Landlords will not evict regular-paying tenants who take proper care of the property and allow access to the landlord for an essential purpose. Tenants who default on rent are detrimental to landlords and themselves. Many landlords prefer selling the property rather than suffering losses.

Tenants and landlords must support each other to survive the current legislative and economic squeeze. The following tips will help improve tenant-landlord relations.

Being a good tenant

Being a good tenant

· For the landlord to retain the tenant, the tenant must pay rent consistently without defaulting. They should never keep the landlord in the dark about their inability to pay rent on time. Timely communications can help landlords make alternative arrangements.

• Landlords appreciate tenants who take exemplary care of their property by keeping it clean and clutter-free. Regular cleaning and mopping are essential for maintaining the property.
• Tenants should report damages and issues to enable the landlord to arrange timely repairs before the problem deteriorates. It will avoid an unpalatable situation where a tenant holds rent back for the sake of extensive repairs.
• Understanding the letter and spirit of the tenancy agreement and complying with the clauses is the primary duty of the tenant. Putting the property to its lawful use by following instructions will help prevent legal complications.
• Tenants should maintain a stellar reputation in the neighborhood, as most landlords have pleasant relations with neighbors. Receiving complaints from neighbors will damage the landlord-tenant relationship.

Attributes of a reliable landlord

Attributes of a reliable landlord

• Screen tenants to avoid falling into the trap of unruly tenants. Avoid the temptation to reduce the void period, as letting in suitable tenants will minimize future issues of payment defaults and chaotic situations.
• Being professional is crucial as a property is a business for every landlord. The rents help them cover mortgages and repairs. A systematic approach is essential to maintaining professional relations.
• Avoid using standard tenancy agreements that are unlikely to serve your purpose. Ma
• Secure your tenant's deposit by investing in a reliable scheme.
• Being accessible always helps. Meet the tenant when they move in to share contact details and assure them you are approachable.
• Attend to repairs or other issues that warrant your attention

An amicable relationship between landlord and tenant results in sustained tenancy periods. A tenant with a positive reputation will never encounter problems finding a new rental home. Similarly, a responsible landlord will never struggle with void periods. A favorable reputation of the landlord enhances the marketability of the rental property..

Effective Communication and Cooperation Between Landlords and Tenants

Effective communication is critical for both landlords and tenants to navigate the challenges of today’s rental market. Landlords should make themselves accessible and be responsive to tenants' concerns, while tenants should proactively communicate any issues they face, such as payment difficulties or property damages. This mutual openness fosters a cooperative relationship, preventing misunderstandings and enabling both parties to address problems before they escalate. By prioritizing clear communication, both landlords and tenants can find solutions that protect their interests and maintain a positive living arrangement.

Adapting to Future Challenges with Flexibility and Responsibility

With ongoing regulatory changes and economic pressures reshaping the rental sector, landlords and tenants must remain flexible and responsible to thrive. Landlords need to adapt to shifting laws, such as the abolition of Section 21, by adjusting their lease agreements and responding promptly to tenant needs. Tenants, in turn, must stay informed about these changes, including rent adjustments or new eviction processes, and be prepared to adapt their expectations. Both parties must take responsibility for their roles—landlords by maintaining the property and adhering to legal standards, and tenants by keeping up with their rent and respecting the property. By working together and staying proactive, both landlords and tenants can weather future challenges.