More than a third of landlords have increased rents in response to the Renters' Rights Act, according to a survey. The legislation, whose main measures took effect in May, has also led 34% of landlords to change their referencing or affordability requirements for tenants.
Buy-to-let lender Landbay found that 53% of landlords believed the Act had negatively affected their businesses. The Q3 survey, sent to over 2,000 landlords, also revealed that 16% had increased their use of letting agents or other professional support.
Rob Stanton, Landbay's sales and distribution director, noted that landlords are making practical decisions based on the new requirements. He added that the impact would vary depending on individual circumstances and property portfolios.
Looking ahead, almost two-thirds (65%) of landlords expect their costs to rise due to upcoming landlord database registration requirements. A further 38% believe these registration requirements could prompt them to increase rents where possible.