Renters Rights Bill 2024: Key Insights for Landlords

The Renters Rights Bill 2024 has stirred up questions over landlord rights, leaving many wondering if the government is favouring tenants. If you’re in the same boat, we’re here to take away those question marks hanging over your head so you can understand how this bill affects you. Let’s jump right in, shall we?

What’s the Renters Rights Bill 2024 All About?

The Renters Rights Bill is a series of legislations for private rentals brought about to address the persistent property challenges in the UK, aiming to balance rights for both landlords and tenants.

If you’re not sure what we’re on about, let us bring you up to speed on the UK rental market trends in 2024:

• Rent prices have soared to an average of £1,445 per month
• Over 51% of private renters face damp or mould issues in their rentals
• 25% of renters hesitate to request repairs, fearing eviction
•  34% of renters would rather spend over half of their income on rent than be among the 26,000 households at risk of homelessness 

Makes sense why the government felt the need to step in and create the Renters Rights Bill, right? But, what even are these legislations? Keep reading to find out!

What changes will the Renters Rights Bill 2024 bring about?

We’ve talked about what the bill is and how it came about, now let’s look at what the main changes, the Renters Right Bill 2024 will bring about:

• Section 21 evictions are to be abolished bringing in a simpler tenancy structure and periodic tenancies (undefined term of residence).
• Fair possession grounds for both parties i.e. in the scenario that a landlord needs to move in or sell their rental or the tenant has to move out, both parties are required to provide advance notice so they can plan accordingly.
• A new Private Rented Sector Landlord Ombudsman will be established to cater to tenant-landlord complaint resolution.
• A private Rented Sector Database will be set up where landlords and tenants can keep up with changing laws and compliances.
• Landlords must consider tenant requests to keep their pets in their rentals.
• Follow the Decent Homes Standard and Awaab’s Law for safer, better-value homes.

There’s a lot more where that came from, if you want to learn more, you can look at the complete bill at the UK Government’s official website. Better yet, leave it to Pink Elephant, we’ll handle all your property needs while keeping you compliant with changing UK laws.

Now that we’ve tackled the basics, let’s dive into the real questions.

No-Fault Evictions: Are They Gone for Good?

The question regarding Section 21, no-fault evictions has been haunting many landlords in the UK. And while we don’t want to be the bearer of bad news, it’s true: no-fault evictions have been removed. But it’s not all doom and gloom! While landlords can’t evict without cause, legitimate reasons still allow for eviction. 

As a result, all tenancies will transition to periodic agreements, allowing tenants to stay as long as they wish, provided they give two months’ notice before moving out. On the bright side, if you’ve found a long-term tenant you’re happy with, you won’t have to go through the hassle of searching for new renters any time soon!

How does the Renters Rights Bill affect rent increases?

Whether you’re a landlord or a renter, this may be the most crucial question you’ve been wanting to ask. 

The Renters Rights Bill places a cap on rent increases, limiting landlords to just one hike per year—and they must provide at least two months’ notice! 

But that’s not all; tenants will also have the right to challenge any proposed rent increases they consider unreasonable, with disputes resolved through a tribunal. 

However, let’s not forget that a tribunal isn’t a done deal. If you have legitimate reasons to increase the rent, you get the chance to justify it.

Will landlords need to join an ombudsman service?

As the world goes digital, the property market is following suit. Moving forward, landlords will need to join a new digital database for all property-related matters. This system will give landlords easy access to crucial information about rental agreements and responsibilities, while also promoting transparency by sharing key details of landlords with tenants.

In addition, a property ombudsman will be introduced to resolve landlord-tenant disputes. Local councils will also have greater power to identify and penalise landlords who fail to comply with the new regulations. So, make sure you don’t get on their bad side.

Pet Requests: Do Landlords have to say ‘Yes’?

Under the Renters Rights Bill, landlords can’t deny pet requests without a good reason. However, what you can do is ask tenants to take out pet insurance to cover any furry mishaps that might come along!

To learn more about this, you can check out our blog on, “Pet-Friendly Rental Trends.”

How will the Renters Rights Bill improve housing standards?

For this, we’ll need to rewind to 2023 when the Social Housing (Regulation) Act was introduced, bringing about “Awaab’s Law.” This legislation mandates landlords to investigate and address health and safety hazards in compliance with the Decent Homes Standards, as follows:

• Safety: Homes must be free from serious health and safety hazards
• Good Repair: Properties should be well-maintained, without major components needing replacement or significant repair.
• Modern Facilities: Homes should include modern amenities, such as a well-spaced kitchen and good noise insulation.
• Thermal Comfort: Adequate heating and insulation must be provided to ensure efficient thermal comfort.

You may need to dip into your wallet a bit for this one but consider it an investment that boosts your property’s appeal and long-term rental value. 

Pink Elephant Can Help!

The property market is always changing, today it’s the Renters Rights Bill, tomorrow, it’ll be something else. But what if you didn’t have to worry about the nitty-gritty all the time? At Pink Elephant, we take care of all your property needs so you don’t have to. 

Whether it’s managing your property to keep it well-maintained and hazard-free, or finding reliable tenants you won’t want to lose—all while ensuring compliance with the ever-changing UK laws—we’ve got you covered from deal to deed. Save yourself the hassle, and contact us today!