A new survey shows that when a renter’s bill of rights becomes law, letting agents lose a quarter of their income.
Lettings Management Platform Goodlord In the annual poll, the average lease renewal fee for rental platforms accounts for 27% of agency revenue.
New regulations governing the rental market will repeal fixed-term leases, which will end these fees.
Goodlord warned that the bill was planned to accept royal consent within weeks, meaning “a large number of institutions could experience an income crisis.”
Goodlord also found in his annual report on the annual rental industry that most respondents were not prepared for the impact of the Renters’ Bill of Rights.
CEO William Reeve said: “This year’s survey is our largest survey to date.
“Insight cannot be seen at more critical moments.
“The industry is under tremendous pressure in every way – tenants, landlords and agents are all feeling stressed with more changes and uncertainty.
“It’s a resilient sector for storms, but the pressure seems to be increasing rather than decreasing.”
Further findings from the investigation will be released next week.
