The private rented sector is going through some of its biggest changes in decades and agents are finding it almost impossible to keep up with it all says Total Property’s CEO, Eddie Hooker (pictured).

In a bid to get a more accurate picture of what is going on, Total Property, which provides a platform for some of the biggest players in the PRS, has completed a major survey of the sector.

Extensive

Agents’ biggest concerns include keeping up with regulatory changes (76%), a shortage of rental stock (61%), and increased costs (46%). Energy efficiency requirements (33%) and finding good tenants (29%) were also significant challenges.

They added that legislative changes have had a substantial impact on their operations, with two thirds reporting that measures such as the impending Renters’ Rights Bill and the Tenant Fee Ban have negatively affected their businesses.

The abolition of Section 21 remains a key concern for a similar proportion, while three quarters feel unsupported by the current Government in addressing sector challenges.

Urgent action is needed.”

And those same conditions mean that the survey found that landlords are also struggling. Investment is slowing – just 3% of landlords had entered the market in the previous year and nearly half (49%) plan to exit the market within five years.

Hooker commented: “Rising costs, increasing regulation, and shifting tenant expectations are reshaping the market, and this survey reveals just how deep these challenges run. With nearly half of landlords considering leaving the sector in the next five years or reducing the size of their portfolio, urgent action is needed.”