Continuing to Thrive: 2024 in the Private Rented Sector

By : Jon Hall | 11 Mar 2024 | 3 mins read

If we’re known by the company that we keep, then I couldn’t be prouder to be part of the Landlord Leaders Community. 

Our Spring LLC event focussed on what’s next for the Private Rented Sector. With representatives around the physical table spanning part-time and professional, UK Finance, lettings agents, brokers and more, this group of committed change makers both inspire and drive us all to play our role in creating a brighter future PRS.

Despite the uncertain times in which we live, all who joined us were relentlessly positive and optimistic about the future. We of course, all collectively recognise and continually debate the challenges that face the sector, but we’re buoyed by the vital role it plays. 

We know that whether challenges come from economic or political uncertainty, the reality is that we need good landlords, to provide good standards of housing for the nearly five million tenants in the UK. And it isn’t just the LLC members around the table saying this, our recent Landlord Leaders research found 42% of landlords saying they are optimistic for the future, with 20% of professional landlords saying they are very optimistic.

So where is change happening? 

Well through the conversation we found three key areas where the industry is particularly active. The first, seen through the ongoing march to professionalisation in the sector is the focus on future planning and investing for growth, 69% of landlords have already or are planning to increase their property portfolio, with 73% having or planning to take advice on their tax position. 

Also, that future isn’t just about the finances, for many it is about greening their housing stock to create a more sustainable footprint for the future. 

Second, is the need for greater tenant engagement, which we started to explore in our A Future Tenant Standard research and community session. While our research had found that landlords were putting increasing importance on understanding and addressing tenant needs, around the table the voices were strong that that should be a given. 

As Suzanne Smith of The Independent Landlord said: “It’s encouraging that 75% of landlords are engaging with their tenants but this statistic should be 100%. It should be the norm to be a good landlord.”

Thirdly, we heard echoes of our founding mission statement - that change comes from collaboration and education. In the group we heard about partnerships with universities, with charities, with letting agents and tenants. We also heard about how these leaders in the PRS are driving change by bringing people together - from incentivising tenants to be more thoughtful about energy usage which leads to both a more sustainable future and one that is more affordable, or through thinking about social housing in new ways to tackle homelessness. 

So with a start to 2024 that was largely recognised as better than expected, it is clear that there is much that can and should be done to keep improving the Private Rented Sector to ensure that tenants and landlords continue to thrive.

If you are interested in joining the Landlord Leaders Community please register your interest and get in touch. This year we will be hosting quarterly discussion sessions, facilitating an online networking group and sharing increasing amounts of information, data and support for the industry.

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