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The tenant’s fee ban is likely to result in increased costs for landlords and may result in properties being advertised at an increased rent to cover those costs.
Equally it will be cheaper for a tenant to move if the landlord wishes to increase the rent during a tenancy.
What is likely to have the greater impact on rent levels - are rent levels likely to increase or decrease due to the tenant fee ban?
Depends where you are. Some will use it as an excuse to increase rents if possible in other areas such as london where rents are falling no chance.
I have taken on management on quite a few of my properties that were managed by agents
and I have never charged a fee
agents live off the backs of landlords so if they lose the tenants fees we are the only ones who have to pay
so one way or another our costs have to rise
and that has to put pressure on rents
my own feeling is some agents were bloody greedy and now there gravy train has stopped
it’s just one other factor we all face
but as we raise rents I can see us being classed as greedy
and then the result will be rent control
it’s only a matter of when not if
Learn Change and Adapt ?????
All comments are for casual information purposes only. If you wish to rely on any advice I have given please ensure you obtain independent specialist advice from a third party. No liability is accepted for comments made.
Agreed re agents being greedy.
A couple of years ago i was chatting to a new tenant and was shocked to find out they had been charged over £600 in fees by the agent. When it came up for re let i moved agency's. As aside from any other considerations if i was a tenant and saw two similar flats but one agent was charging fees of £600 and another £200 i know which one i would pick.
Just like bad landlords if the fee ban causes bad agents to go i am fine with it.
Where demand is high the rents will go up as will LL fees
Extra £30 spread over a year = £360
Agencies will see who is more likely to take the hit and squeeze them
Or they add a spread of random other management fees on to all the other services they provide
In low demand areas the LL will take the hit
Several agencies will go out of biz and be bought out by the big guys
Brown paper envelopes of cash will increase
Or ad hoc deals will be struck in lieu of fees
eg - tenants sort out the white goods
Jonathan Clarke. http://www.buytoletmk.com
I can't see that an increase in rent will do anything but further suppress demand in my area (Midlands).
Now that the start date has been released, I can see the lettings market being quieter until then, as tenants postpone moving until after June 1st
Unless you have a child or pet or a high risk tenant who will be need to pay a higher deposit than 5 weeks rent. They are going to find it harder to find a tenant after 1st June.
Fees are a rip off and why should some looking to rent pay for the privilege of paying rent. Agents have for far to long taken advantage of the tenants.