Recent research from Barclays highlights a significant rise in tenant awareness and support for the Renters’ Rights Act (RRA), which came into effect this month. The findings reveal that six in ten tenants now understand the legislation and believe it will enhance their housing conditions and protections.

Growing Tenant Awareness and Support

Barclays’ Property Insights survey shows tenant awareness of the Renters’ Rights Act has surged from 19% in October to 60% since the Act became law. Alongside this, 62% of tenants believe the legislation will improve their housing conditions and protections, signalling strong approval among renters.

Furthermore, 61% of tenants feel the new law will make it easier to challenge their landlords, a notable increase from 28% in October. This shift suggests tenants are more confident in asserting their rights under the new framework.

Impact of the Renters’ Rights Act on the Private Rented Sector

Jatin Patel, Barclays’ head of mortgages, commented on the potential effects of the Act: “As deposit challenges persist, the measures of the Renters’ Rights Act to curb steep rent increases could give tenants more scope to save, and in turn widen access to the property ladder.”

However, Patel also cautioned that the longer-term impact on rental housing remains uncertain. He noted that homeowners may reconsider investment in rental properties compared to other asset classes, given the new regulatory environment.

He added, “For most, property is about far more than finances. It provides stability and plays a key role in family legacy, and many retirees do not need to supplement their income through property.”

Patel also highlighted the importance of ‘right-sizing’—downsizing or adjusting property holdings—as a means to unlock housing supply, but stressed that this will only gain traction if clear and meaningful incentives are in place.

Changes in Tenant Behaviour and Concerns

The Act is already influencing tenant behaviour, with 19% of renters reporting they are now more likely to stay in their current home due to the reforms. This suggests the legislation may encourage longer tenancies and greater housing stability.

Despite this, concerns about the Act’s longer-term effects on rents have nearly doubled. In October, 24% of tenants feared that restrictions on evictions and bidding wars could push rents higher; this figure has now risen to 45%. An equal proportion of renters worry that landlords might exit the market, reducing the supply of rental homes.

Homeowners’ Investment Plans and Barriers

Barclays’ research also reveals caution among current homeowners considering further property investment. Only 11% are contemplating buying an additional property within the next two years, while 22% would like to own another property but find it unaffordable.

The main barriers cited include running costs (28%), the time required to manage a property (24%), and stamp duty costs (21%). These factors may influence landlords’ decisions about expanding their portfolios in the current market.

What this means for landlords

The increased tenant awareness and support for the Renters’ Rights Act indicate a shift towards stronger tenant protections and potentially longer tenancies. While this may provide greater stability for tenants, landlords should be mindful of the concerns about rent increases and market exits, which could affect rental demand and supply.

Landlords may also face challenges in balancing investment returns with the new regulatory environment and associated costs. Understanding tenant sentiment and adapting to these changes will be crucial for maintaining sustainable rental businesses.

Source: Based on reporting from Property118

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