Just when landlords thought the policy drumbeat could not get any louder, along comes another bad penny: rent controls.
This week’s story on plans for a march backed by former Labour leader Jeremy Corbyn, trade unions and the Green Party brought the issue back into sharp focus and prompted a torrent of negative reaction from readers.
If there was one consistent theme, it was this: landlords increasingly feel they are under attack from all sides.
Rent controls, in that context, are not being viewed as a standalone idea. They are being seen as the next step.
Because for many in the sector, the past few years have already been defined by tightening regulation, rising costs and a steady erosion of flexibility. The Renters’ Rights Act is still to be implemented (don’t forget that May 1st deadline), compliance demands continue to grow and now the prospect of direct intervention in rents is back on the table.
Fundamentally misunderstand the market
It is not hard to see why that combination is landing badly.
As one reader put it: “Rent Control = Creeping unviability = Less Homes to rent.”
It is a blunt assessment, but one that captures a widely held concern – that limiting rents without addressing costs risks squeezing the very supply the system depends on.
Others took aim at what they see as a more fundamental misunderstanding of how the market works.
“It would be funny if not sad,” wrote one landlord. “They are hurting the very people they are trying to help because they fundamentally misunderstand the property market.”
That sentiment cropped up repeatedly in different forms.
Not always politely, but consistently enough to be noticeable.
And it points to something deeper than disagreement over policy detail. There is a growing sense among landlords that the cumulative weight of change is no longer being fully considered.
A rule here. A reform there. A new restriction layered on top.
Trotted out with irritating regularity
Each may be defensible on its own terms. But together, they begin to feel less like reform and more like punishment.
Several landlords said they would think twice about letting properties at all if rent controls were introduced. Others spoke of exiting the sector altogether or leaving homes empty rather than taking on additional risk.
In a market driven by individual decisions, it is those marginal choices that shape overall supply.
The argument for rent controls is not new; it’s trotted out with irritating regularity.
Supporters say they provide stability, protect tenants from sharp increases and help keep housing affordable. Experienced landlords, however, know that they reduce supply, reduce the quality of stock and, when they have been tried elsewhere, ultimately fail.
And that is where the frustration really sits. While Corbyn and The Greens claim they are protecting tenants, investors know the PRS would pay the price.
Not necessarily in this single proposal, but in the sense that the direction of travel is becoming increasingly one-sided.
Which perhaps explains the tone of the final word from one reader: “Can they also include controls for the cost of fuel, supermarket food and other essentials?”
Quite.
Until next time,
