Editor's note: This brief was summarised by The Property AI Team from a report by Property118. Read the original article for full details.
Property Managers Anticipate Increased Demand from Renters’ Rights Act
Landlords are expected to require more professional property management services as the Renters’ Rights Act introduces heavier compliance duties. Rushbrook & Rathbone reports that the property management sector is already expanding, with an increase in the number of operational businesses over the past year.
According to Property118, analysis by Rushbrook & Rathbone of the latest VAT and PAYE enterprise data shows a 2.8% rise in the number of property management businesses in the last year. This growth is linked to expectations that the Renters’ Rights Act will drive further demand for professional management as landlords adapt to new compliance requirements.
For UK letting agents and inventory clerks, these developments may signal a shift in the market, with more landlords seeking external support to meet regulatory obligations. The ongoing expansion of the property management sector could present new opportunities for professionals in the industry.
Source: Property118