NAPB: More Than 500,000 Landlords Will Exit the Market in Next Five Years Pushing Up Rent Even Further
PRESS RELEASE: Estimates that half a million landlords are set to sell up may have been massively underestimated, an expert has warned.
Jonathan Rolande said the real figure is likely to be far higher – and warned the situation is going to massively drive rents up further.
Mr Rolande said: “There are currently around six million privately rented homes in the UK. It is being forecast that around 100,000 will quit the market every year between now and 2028. But I fear this may well be an underestimate. A larger number will be long gone by then.”
Pinpointing some of the main reasons why he continued: “One factor is rent. They are currently rising at potentially unsustainable levels. Secondly, EPC changes, that may require expensive works to reduce emissions, are leading to many exiting the sector as well. Tax changes, particularly for portfolios held in a Limited Company, are also a factor, as is the growing adverse public opinion about landlords. Increasing maintenance and repair costs due to inflation, as well as the removal of
Section 21 are factors too.
“I believe higher interest rates, which make mortgages look expensive and savings more attractive, is driving the exodus as well.”
Mr Rolande said the impact of such a large number of landlords leaving would be “far reaching”.
He added: “Many tenants currently happily living in their home will be forced to move out, even if, in the end, another landlord buys it.
“Rental homes, despite all of the negative press, provide valuable, temporary accommodation for millions of people who don’t want the long-term commitment of owning. Many younger people enjoy the flexibility of letting and can move from job to job and city to city with relative ease. Once hundreds of thousands of homes disappear to the owner-occupier market, choice will be more limited and rents will almost certainly rise. The impact is far reaching and, as is usually the case, the people who suffer the most from this will be the poorest, those already with the fewest choices. Perhaps the only reason to be optimistic is that the government may finally decide to use some of the windfall of Capital Gains Tax from these sales to put in the measures that will help everybody have access to an affordable and safe home. But time will tell.”
US NEWS: ResidentIQ Launch Provides More PropTech Choices for Residential Property Management Companies
PRESS RELEASE: Inhabit has launched ResidentIQ a first of its kind ecosystem for residential property managers. This new solution provides technological innovation and best-in-class solutions while maintaining the efficiency of their existing core property management system (PMS). ResidentIQ by Inhabit brings comprehensive offerings in the operations, resident engagement, insurance, payment, and screening solutions within one simple relationship designed to pair with your existing PMS.
Gustavo Sapiurka, EVP & Managing Director of ResidentIQ, said “Property managers love the idea of a single invoice, contract, and point of contact. ResidentIQ provides all of that, plus a host of product experts under one umbrella in a completely flexible and customizable ecosystem.”
ResidentIQ strives to enhance, not change, the way companies do business.
With a custom-tailored solution, ResidentIQ increases choice while reducing administrative friction caused by layers of interconnected vendors. By packaging industry leading solutions within one proven partner, ResidentIQ allows for easy scalability and seamless support by creating a powerful combination of connected PropTech.
“We’re proud of this unique collection of best-in-class, stackable solutions that give property management companies a real edge in business without having to change their core software system,” said Lisa Stinnett, CEO of Inhabit. “ResidentIQ gives owners and managers the power and flexibility of choice and the ability to close crucial gaps in their tech stack.”
By further revolutionizing the PropTech buying experience, ResidentIQ simplifies the technology stack with a “build your own solution” as needed based on portfolio or asset type. Instead of multiple vendors serving small niche needs, ResidentIQ provides one contract, one bill and one customer service point of contact beyond the core PMS relationship. This provides accountability, strong integrations, and ease of use for today’s busy PMC leaders.
ResidentIQ offers tech solutions covering all the essential areas of property management including payments, inspections and facilities, utility billing, lease compliance and audit, insurance, document management, marketing, online leasing, and employment and resident screening. The suite also has resources for learning management, a contact center, and a CRM for prospect and resident engagement. Each PMC has the flexibility to choose one, or all services to work seamlessly with their current management objectives and goals with adding new solutions as easy as completing a work order.
ResidentIQ’s network of solutions cater to all residential sectors, including multifamily, single-family, affordable housing, student housing, HOA communities, and mixed-use properties.
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Proptech and Property News in association with Estate Agent Networking.
Andrew Stanton is the founder and CEO of Proptech-PR, a consultancy for Founders of Proptechs looking to grow and exit, using his influence from decades of industry experience. Separately he is a consultant to some of the biggest names in global real estate, advising on sales and acquisitions, market positioning, and operations. He is also the founder and editor of Proptech-X Proptech & Property News, where his insights, connections and detailed analysis and commentary on proptech and real estate are second to none.
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Andrew Stantonhttps://proptech-x.com/author/andrew-stanton/
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Andrew Stantonhttps://proptech-x.com/author/andrew-stanton/
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Andrew Stantonhttps://proptech-x.com/author/andrew-stanton/
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Andrew Stantonhttps://proptech-x.com/author/andrew-stanton/
