The demand for rental accommodation has been steadily increasing over the past few years, yet the number of Houses in Multiple Occupation (HMOs) has been decreasing. HMOs are a type of rental property that are typically rented out to multiple tenants, such as students or young professionals. This type of accommodation is often seen as an affordable and convenient option for those looking for a place to live, yet the number of HMOs has been declining in recent years.
The main reason for this decrease is due to the increasing cost of maintaining and running an HMO. Many landlords are finding it difficult to keep up with the costs associated with running an HMO, such as increased insurance premiums, safety regulations and maintenance costs. This has led to many landlords deciding to sell their properties or convert them into other types of accommodation, such as flats or apartments.
The decrease in HMOs is having a significant impact on the rental market, as it is reducing the amount of affordable accommodation available for those looking for a place to live. This is particularly concerning for those on low incomes, who may not be able to afford more expensive rental options. Furthermore, the lack of HMOs can also lead to overcrowding in other types of rental accommodation, such as flats and apartments.
In order to address this issue, local authorities and housing associations need to take action to ensure that there is enough affordable rental accommodation available. This could include providing incentives to landlords to encourage them to keep their properties as HMOs, or introducing schemes that help to reduce the costs associated with running an HMO. Additionally, local authorities should also look at ways of increasing the supply of affordable housing in general, such as building more social housing or introducing rent caps.
In conclusion, the decrease in HMOs is having a significant impact on the rental market, as it is reducing the amount of affordable accommodation available for those looking for a place to live. In order to address this issue, local authorities and housing associations need to take action to ensure that there is enough affordable rental accommodation available.