The recent passing of the Renters Reform Bill in the UK has been hailed as a major victory for tenants’ rights. The bill, which was passed in the House of Commons on the 19th of March 2021, is a landmark piece of legislation that will have a significant impact on the rental sector.
PropTech chief, David Smith, has been quick to point out the potential of the bill to professionalise the rental sector. Smith believes that the bill will help to create a fairer and more transparent rental market, which will benefit both tenants and landlords.
The bill includes a number of measures that will help to protect tenants from unfair practices by landlords. For example, it will make it illegal for landlords to evict tenants without a valid reason, and it will also require landlords to provide tenants with a written tenancy agreement. In addition, the bill will also give tenants the right to challenge rent increases and to have their deposits returned in a timely manner.
Smith believes that the bill will help to create a more professional rental sector, as it will allow tenants to have greater control over their rental agreements. This, in turn, will help to reduce the number of disputes between tenants and landlords, and it will also encourage landlords to provide better quality rental properties.
In addition, Smith believes that the bill will also help to create a more competitive rental market. By making it easier for tenants to challenge rent increases, the bill will encourage landlords to keep their rents competitive. This, in turn, will help to keep rents affordable for tenants.
Overall, the Renters Reform Bill is an important piece of legislation that has the potential to professionalise the rental sector. By giving tenants greater control over their rental agreements and by encouraging landlords to keep their rents competitive, the bill will help to create a fairer and more transparent rental market. This, in turn, will benefit both tenants and landlords alike.