If you’re thinking of buying or selling a property in 2022, it is important to know the different factors that could affect your decision. Things such as surveys and other indicators, both for tenants and landlords, could help you a lot in determining outcomes for your rental property business. With that being said, here are important things for you to know to determine success and failure.
Prior to the introduction of Renters’ Reform Bill, there was a survey conducted on more than 6,000 tenants to hear what changes they really want to happen; some new things they would like to see in the rental business industry. On this survey, it was found out that 13% want to make renting with pets easy, 13% want to make open-ended tenancy a norm, 15% want to make laws against criminal landlords strengthen, 13% want the introduction of a national landlord register, and 10% want to remove Section 21 evictions and lifetime deposits to be introduced. The respondents believe that these reforms will provide more security and lessen their problems when it comes to payment and other expenses.
Meanwhile, in some parts of the United States and Europe, it was also predicted by industry experts that rental prices will increase in the coming years. This is due to many factors, including high demand and rising immigration. For example, it was reported that in the UK, the demand for rental property has reached 4.6 percent just between July and September of 2021. In addition, it was also predicted that in areas where renting is cheap, rental prices could significantly rise above earnings. Therefore because of these changes, many landlords are having difficulty deciding whether to buy more properties or to sell their existing ones.
On the other hand, in a survey conducted to know the impacts of the COVID-19 pandemic, it was found that only 7% of owners or landlords plan to buy more properties or expand their portfolio this year while 21% said they’re thinking of selling their property to cope from the income loss that they’ve experienced due to strict measures and rigid protocols. But still, interestingly enough, experts predict that the likely outcome for this will be a rising demand for rental properties in urban areas. Even though there are variations, most experts think that the negative impacts of the pandemic on the real estate industry will fuel growth this year.
Though the process for the approval of the Renters’ Reform Bill has been delayed, it is still important for landlords and property managers to prepare for major changes. This is because many lawmakers expect this to be implemented this year; bringing significant changes to the way things are set up in the rental property industry. Again, this will include the removal of Section 21 from the Housing Act of 1988, the introduction of lifetime deposits for tenants, reduction of the rental costs, enforcement of legal punishment for abusive or criminal landlords, and transparency. In addition, there will also be more favorable outcomes for renters who own pets as a survey in July of last year revealed that the demand for pet-friendly rental homes has increased to 120% compared to July of 2020.
In compliance with The Campaign Registry (TCR) new regulations for phone or mobile, by contacting JaxonTexas phone number or by filling up the contact form, you agree that your phone number or mobile number will be added and OPTED IN to our list of contacts. We will reach out to you to respond to your concerns and you may or may not receive some marketing promotions related to your inquiry. You can pause by simply replying STOP or CANCEL to the text message and our system will OPT OUT your number from our list. If you encounter any issues related to this matter you can contact us so we can assist you.
