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Sponsored content on behalf of HomeRenter.Online lettings platform offers ratings and reviews for tenants and landlordsGeneration rent is growing. New research from the Institute for Fiscal Studies has shown rising house prices above income growth has prevented the younger generation from being able to buy their own home*. In turn, the private rented market has failed to modernise and accommodate the growing number of young adults renting.The total amount of rent paid by tenants in Britain soared to more than £50bn in 2017, more than double the level of a decade ago. With rent payments at an all-time high, both tenants and landlords are becoming more cautious about who they rent with.HomeRenter, an online lettings platform, has launched a ratings and reviews service. It enables both tenants and landlords to review each other after one month of engagement and then again at the end of a tenancy. HomeRenter aims to modernise the rental market and align it more closely with the likes of TripAdvisor and Airbnb.Recent research by HomeRenter showed a demand for such a service. Both tenants (81%) and landlords (88%) expressed a desire to be able to rate and review their counterparts, encouraging a respectful and transparent relationship.Rating tenants on how they treat a propertyThrough the ratings and reviews service, landlords can evaluate their previous and current tenants. ‘Mid-tenancy’ ratings are based on measures such as timely rent payment; any noise or neighbour issues; treatment of property and promptness in reporting issues.The ‘end of tenancy’ ratings are similar, but include scores for the condition of the property when the tenant moves out. These ratings are then factored into the tenant’s ‘HomeRenter Tenant Score’ which is visible on their profile page on the site.Tenants encouraged to review their landlord experienceTo capture reviews on landlords, HomeRenter invites previous and current tenants to share their renting experience. The five star rating system means tenants can rate the condition of a rental property. These focus on metrics such as value for money, maintenance, transport and how responsive landlords are to issues raised.Founder of insurance-backed deposit-free renting service, Dlighted, Ajay Jagota comments: “It’s interesting to see a Tripadvisor-style rating and review model incorporated into an online letting site such as HomeRenter. I’ve been a little sceptical of some previous attempts to build databases of rated lettings properties as standalone websites, but it will be interesting to see how this fares in a transactional site.”He adds, “What’s indisputable, however, is that both landlords and tenants are looking for new and alternative solutions to the traditional ‘referencing plus security deposit’ approach. We created the ‘Trusted Tenant’ system which allows landlords and letting agents real insight into their prospective tenants’ renting track record, financial commitments and insurance claims history. But there is nothing for tenants to be able to vet their landlords."Creating a transparent market placeWill Handley, CEO of HomeRenter comments: “In a connected world, consumers have become accustomed to being able to read ratings and reviews, from holiday lets to taxi rides, to inform all major purchase decisions. However, in the rental sector, this concept has scarcely landed. Choosing where to live is an incredibly important decision which no-one wants to get wrong”.He continues, “With people now renting for longer, it is even more essential that tenants are able to check their landlord’s previous letting history. And vice versa. What’s more, the traditional referencing and security deposit model for tenants is antiquated and in need of a radical shake-up to get in shape for 21st century renting. Having a review system in place facilitates a more transparent market place for both tenants and landlords.”About HomeRenter
HomeRenter aims to create an Airbnb style marketplace for the UK’s private rental sector, without estate agent fees.The site itself connects four audiences – landlords, tenants, key-holders and service providers. HomeRenter cuts out the expensive middle man, charging zero fees for tenants. For landlords, HomeRenter operates as a one-stop-shop to advertise, let and manage their rental properties from £49.99 per property per year - a fraction of the cost charged by traditional agents.HomeRenter is fair for landlords and tenants making renting easy. The website is currently running in beta mode and will be rolled out with a London South East launch focus.This has been sponsored content on behalf of HomeRenter.
I think it will be found that tenants are in the position of being beggars and so won't have the luxury of choosing
They either grab the first letting they can or they will be beaten to it by other desperate tenants
This will be the case increasingly as LL downsize or leave the PRS due to S24 etc.
Unless a LL is deemed to be so bad most tenants will try for any vacancy.
It is the LL that is in the driving position so scarce is the lack of suitable supply.
So I doubt such a LL tenant rating scheme will make any impression.
The big problem is with tenants and for that there is already a perfectly functioning service called LRS.
If every LL registered their tenants good and bad with LRS there would be a nationwide facility for LL to communicate with each other
(*Moderator note: Content removed*).
It just needs every LL to use it!!