Buy-to-let landlords leaving tenants to fund property improvements

Buy-to-let landlords leaving tenants to fund property improvements

With more than 70% of UK tenants paying for home improvements, the build-to-rent sector is now an urgent necessity to the UK’s private rental sector.

 

Summary

  • 73% of UK tenants have funded improvements to their rented homes.
  • 55% of tenants said their landlords took too long to carry our repairs
  • The build-to-rent sector is now leading the way for changes to the rental market, delivering higher standards of accommodation to tenants

 

73% of UK tenants have spent their own money making improvements to their rental homes, including putting up shelves and painting walls, while 23% of tenants spent more than £500 carrying out more substantial improvements, according to research carried out by Plentific.com.

Stephen Jury, Spokesperson for Plentific, commented: “Our findings show that most renters will pay for and conduct some home improvements themselves. Our research illustrates the importance of ‘personalising’ the living area to generation rent and making it more than just rental space.”

While landlords are well within their rights to choose not to foot the bill for any aesthetic changes to their property, they do have a responsibility to cover costs for any repairs or problems, providing the tenant is not to blame for the damage. The latest research however, reveals that many private landlords are failing to deliver satisfactory standards in this respect.

A survey carried out by PropertyLetByUs revealed 50% of tenants felt their landlord took too long to carry out repairs, while 55% of tenants surveyed said they had paid up to £50 to solve a problem with the property they rent.

Overtaking the social sector as the country’s second-largest form of housing, the private rented sector (PRS) has seen huge growth in recent years, as a result of increasing house prices and a generational shift in UK attitudes towards home ownership.

With a lack of available rental homes and many private with landlords failing to deliver satisfactory standards, the current PRS is unequipped to deal with these growing demands. In a bid to tackle this issue, the government has backed build-to-rent, providing funding for homes built specifically for a more professional rental market.

The build-to-rent sector is now leading the way for change in the rental market, delivering properly managed, maintained properties for tenants. Approximately 800 new homes will be built in Greater Manchester as part of the scheme, including Select Property’s own Affinity Living, due to open in 2018.

 

 

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