Compliance and legislation are the biggest sources of stress for self-managing landlords, according to research by property management company Rushbrook. The study reveals that 74% of self-managing landlords believe managing their rental portfolios has become more difficult over the past three years.
The changing legislative landscape, including the Renters’ Rights Act, selective licensing, and Making Tax Digital, is cited as a key factor. More than half of landlords (57%) are reconsidering self-management due to recent changes in rental market regulation.
While compliance causes the most stress, maintenance and repairs are identified as the most time-consuming aspect, with 52% of landlords highlighting this. Over 68% of self-managing landlords report spending 31 hours or more each month managing their properties, and a further 17% spend between 21 and 30 hours.
Roma Sharma, managing director of Rushbrook, stated that the increasingly demanding legislative landscape, particularly the Renters’ Rights Act, is making it difficult for many self-managing landlords to keep up. She noted that for many, regulation is prompting them to reconsider whether self-management remains the appropriate strategy.
When asked why they would consider using a letting agent, 26% of landlords cited keeping on top of legislation and compliance as the primary reason. Saving time was the second most common reason at 21%, followed by reducing stress at 15%.