Rising Standards In Rental Sector Driven By Landlords
At Brentwood Lettings, we know there is considerable demand for rental property in Moston, and across Greater Manchester. This is positive news for landlords, but it has created an element of competition for letting industry professionals across the city and beyond.
We know this is a challenge, but ultimately, the high level of demand for rental property has played a part in improved letting sector standards. While we are more than happy to work closely with landlords to improve the service they offer to tenants, landlords want to offer a better service.
We see this in the discussions we have with landlords, and it can be found in the latest studies for the letting sector.
Rental standards are on the up
Over the past 15 years, the percentage of private rental property classed as “decent” by Government standards, has moved from 52.2% to 76.7%.
A new study carried out by Paragon Bank suggests it is landlords who are driving the positive changes. It is estimated around £839m is spent each year on improving rental property before letting to tenants.
Paragon spoke to around 900 landlords, and uncovered a number of interesting findings:
77% of landlords invest in rental property after buying
The average spend on rental home improvements from landlords is £8,720 each
The most common work undertaken is general painting and maintenance, cited by 67% of respondents
The next most common work is electric or plumbing work, listed by 44% of respondents
37% of respondents say they have laid new flooring at their rental property
32% of landlords have installed a new kitchen or bathroom
24% of respondents have installed a new boiler
23% of landlords have upgraded the standard of windows at their rental property
The number of “decent” homes in 2006 was 1.4m, but it is now 3.6m. In the past 15 years, 1.4m buy-to-let mortgages have been approved.
Improvements in energy performance rating
The same study found there has been a 272% increase in PRS homes with an energy rating of C or above. There are 1.8m homes of this standard today.
Richard Rowntree, Paragon Bank Mortgages Managing Director of Mortgages, said: “Landlords typically will make significant improvements to a property before letting to tenants, helping to improve standards across the private rented sector. Landlords will of course benefit from this investment through capital appreciation, but it always results in better quality homes for tenants.
“There is a clear correlation between buy-to-let investment and improving standards in the quality of private rental homes. Standards of property in the PRS have increased significantly over that period. Overall homes in the sector are newer, larger, warmer and more energy-efficient than they were 10 years ago and tenants have more choice.”
Richard continued by saying; “Whilst we recognise more needs to be done to improve standards since 2009 there are nearly three times the number of properties with an energy rating of C or above, a 100% increase in the number of homes built after 1990 and a substantial expansion in the types of property available to rent in the PRS.”
Brentwood Lettings can call on more than 19 years’ worth of experience in the Moston and surrounding areas letting sector. We are a non-franchise and independent lettings and property management agency in Manchester, and we are here to serve you. To arrange an appointment, a rental property valuation or to discuss your options, give us a call on 0161 681 3724.