What's Going To Happen To The Rental Sector in 2024?

The year of proptech 

The proptech revolution has been a long time coming but I think that 2024 will the year in which it really impacts. 

At Leaders Romans Group we are already investing considerable time in developing our use of technology, specifically our use of portals. 

Currently we have portals for landlords, tenants and contractors, all of which interact with each other in a way that is hugely beneficial. Our use of electronic communication contributes to our sustainability goald and automation frees up time for face to face conversations between customers and experts. During 2024 we’ll be looking at the use of AI to help tenants self-diagnose problems by providing online guidance to give immediate answers to questions. 

We are at an exciting stage on our digital roadmap and look forward to an interesting and productive year ahead. 

The professionalisation of the private rented sector 

Throughout 2024 I expect to see the continuing professionalisation of the private rented sector. 

This is already apparent in the increasing number of portfolio landlords - 18% of landlords now own 50% of rented homes within the private rented sector alone (ie, excluding institutional and public sector landlords).

This has been brought about as a result of many already-well-aired factors – particularly but not exclusively as a result of the gradual emergence of the Renters Reform Bill and an increase in regulations. 

Economic circumstances have also necessitated landlords becoming more financially astute and to make adjustments – from structural changes to their portfolios to physical changes to their properties (specifically in relation to energy efficiency) – to deliver a better return. 

It is now not uncommon for us to receive new instructions from landlords with as many as 50 properties; a few years ago this was rare. 

While we have reservations about elements of the Renters Reform Bill, we welcome and encourage improvements in standards across the board and are pleased to help our landlord clients, whatever their size and situation, in implementing them. 

* Allison Thompson is National Lettings Managing Director of Leaders Romans Group *

Want to comment on this story? Our focus is on providing a platform for you to share your insights and views and we welcome contributions.
If any post is considered to victimise, harass, degrade or intimidate an individual or group of individuals, then the post may be deleted and the individual immediately banned from posting in future.
Please help us by reporting comments you consider to be unduly offensive so we can review and take action if necessary. Thank you.