43% of tenants know little or nothing about Renters’ Rights Bill
Research carried out by mortgage market specialist Pegasus Insight shows a range of perceptions and awareness among tenants about the Renters’ Rights Bill (RRB) and how it will impact them.
The latest Tenant Trends report reveals that 32% of tenants are ‘fully aware’ or ‘mostly aware’ of the details included in the RRB; 20% are ‘somewhat aware’ – they know the main points but are unclear on the particulars – while 43% range from ‘slightly aware’ to ‘not aware at all’ (a further 5% answered ‘don’t know’).
When asked about the potential impact of the RRB on them as a renter, 13% said it would have a significant positive impact and 31% a slight positive impact. 19% of tenants believe the RRB will have no impact on them, 6% said it would have a negative impact and 31% were unsure.
Better living standards, greater security of tenure once no-fault evictions are prohibited and limits on rent increases were seen as the most positive potential impacts of the RRB, while a reduced supply of properties and higher rents were the greatest concerns. 27% of tenants expect their rent to increase as a result of the Bill.
The research also found that two-thirds of tenants intend to stay in the same property once their current tenancy ends. Of the one-third planning or considering moving, most cite personal reasons such as moving to a new location (32%), moving to a bigger or smaller property (26%) or buying their own home (24%).
One in 10 will move because their landlord has ended the tenancy. Of that number, in 56% of cases, the landlord has ended the tenancy because they plan to sell the property (up from 37% a year ago), 22% because they want to increase the rent (up from 12%) and 16% because they want to move into the property themselves (no change).
Mark Long, founder and director of Pegasus Insight, commented: “Our latest Tenant Trends Research Report suggests more needs to be done to educate renters about the new legislation set to be implemented by this Autumn, as a significant proportion of tenants know little to nothing about the imminent changes to their rights.
“In terms of the impact the Bill is likely to have on the market, the 27% of tenants who believe that rents will increase as a result look likely to have their fears borne out. In fact, responding to our Landlord Survey Q4 2024, 62% of landlords said they will look to recoup potential losses incurred as a result of the new legislation by putting rents up.
“While the government is holding fast to its claim that the RRB will not force landlords out of the Private Rented Sector, the fact that more than half (56%) of those who have given their tenants notice to quit plan to sell the property, up from 37% a year ago, is surely significant. Again, tenant concerns that the Bill will lead to a reduced supply of properties appear well-founded.”