With the private rented sector facing major legislative changes, new research from OSB Group reveals a changing dynamic between landlords and tenants.
Psychological research, in partnership with Innovation Bubble, found that tenants in the UK view property as an extension of their own identity. When this self-identity is challenged, it can drive renters to look for new accommodation. Landlords are responding to this need by shifting behaviours, with seven in ten (73%) open to tenants personalising their living spaces.
+ Seven in ten (73%) of landlords are open to tenants personalising their living space
+ One in two (48%) ask tenants to cover decoration costs
+ An equal proportion (48%) ask tenants to cover the cost of any resulting damage
The third instalment of the Landlord Leaders survey showed that while landlords are becoming more open to tenant personalisation, they are considering property maintenance responsibilities:
+ One in two (48%) ask tenants to cover decoration costs
+ An equal proportion (48%) ask tenants to cover the cost of any resulting damage
+ 34% of landlords work with tenants to approve decoration plans
+ 20% work with tenants to approve the selection of tradespeople
This shift marks a new era of cooperation, with landlords recognising that offering tenants autonomy leads to stronger tenant-property connections and longer tenures, according to Jon Hall, group MD mortgages and savings at OSB Group.
He commented: “The trend towards allowing tenants more freedom in decorating their homes represents a positive development for the private rented sector. It demonstrates landlords’ adaptability to evolving tenant expectations and promotes longer-term, more stable tenancies.”
The Landlord Leaders survey also gauged reactions to the Renters Reform Bill, revealing diverse sentiments within the sector:
● 14% believe it could lead to landlords exiting the market
● 13% anticipate it will aid landlords in maintaining regulatory compliance
● 13% expect the legislation to encourage fair rental pricing
● 13% express concerns about potential complications in the eviction process
● 11% worry about a possible decrease in the availability of private rental properties
Hall added: “As the rental market continues to evolve, these findings highlight the importance of fostering positive tenant-landlord relationships built on trust, communication and adaptability. Empowering tenants to create spaces that feel like home is emerging as a key strategy for maintaining successful and harmonious tenancies.”
Read the orginal article: https://propertyindustryeye.com/changing-landlord-and-tenants-dynamics-a-positive-development-for-the-prs-claim/
