Guarantor service Housing Hand says the Renters Rights Bill could become law around October or November.
This is some months later than previous industry thinking, which suggested a date around early summer this year.
Housing Hand has issued a statement saying that this anticipated timeline spares the busy summer student rental season from the immediate impact of the Bill.
However, it warns that the industry as a whole isn’t yet ready for the radical changes the Bill will introduce when it becomes law.
The firm recently surveyed over 1,700 private renters, including students and working professionals, to find out how apprised they were of the once-in-a-generation changes that the proposed Bill would bring into force. It found that 69% of private renters are unaware of the Bill, and 75% have no idea how measures will impact them.
It says the while awareness among landlords and other accommodation providers is greater, there is still an urgent need to prepare for the likely impacts of the proposed Bill.
Graham Hayward, managing director of Housing Hand, comments: “Now is the time to prepare … The Renters’ Rights Bill is anticipated to come into law later this year, meaning accommodation providers going to market at that point will be immediately impacted. As both purpose-built student accommodation providers and landlords of houses in multiple occupation respond to the new lettings landscape, we’re likely to see pricing becoming very competitive.
“As students become aware that they can sign up with an HMO and then end their tenancy at any point, versus committing to a 51-week PBSA contract, it will be interesting to see if and how demand shifts. Either way, the change is coming, so preparation will be key to successfully navigating the new landscape.
“There are around 4.6m households who rent privately in England. If we extrapolate the survey findings to the entire population of private renters, it equates to more than 3.4 million households who don’t know what impact the Renters’ Rights Bill will have on them. This means that accommodation providers have much to do in terms of engaging with tenants on the impact and changes of the proposed Bill.”
