What You Need to Know as a Landlord in 2023

As a landlord in the current housing market, you face unique and ever-evolving challenges to remain ahead of the curve. From understanding changing regulations to navigating online tools for marketing and managing your rentals, there’s a lot that goes into being successful as a landlord. In this blog post, we'll cover some of the key things you should be aware of as a landlord in 2023. We’ll look at trends shaping up for rental properties and discuss important updates on leasing regulations so you can make sure your business is compliant with applicable laws. Let's get started!

Letting Agents are Helpful

Being a landlord is becoming increasingly difficult with all of the new legislature and laws. However, one of the more challenging things for landlords is finding decent tenants. If you are new to being a landlord, then one of the first things that you should be aware of is that letting agents are incredibly helpful.

Not only will they help you find the best properties for your returns, but they will also be able to find renters much faster than you can. Not only that but letting agents do the interviews will also have a strict screening process. Another benefit that using a letting agent will provide is the fact that they will handle all the paperwork and be the intermediary between you and the tenants.

Repairs and Renovations

The next thing that you need to know as a landlord in 2023 is that doing repairs in a timely fashion is one of the best ways to ensure that your top-quality tenants will stay. Did you know that one of the main reasons why many tenants leave after a year's contract is completed is because they complain that the landlord does not see to the repairs that are requested?

Renovations are also important to do every single year since this will allow you to increase the amount of rent that you can charge. However, some renovations, like installing replacement windows, are not done as often, but that does not mean they’re less important. Doing renovations is a long-term plan that will allow you to sell your rental properties for a higher price than what you purchased them for when the time comes.

Location Determines Many Factors

Another very important thing to know as a landlord in 2023 is that the location of your rental properties will determine many factors. For example, one of the top factors that the location of your rental properties will determine is how easy it is to get tenants.

Another factor that the location of your rental properties will determine is how easy it will be to sell the properties when you so choose. The location of your rental properties will also determine the type of tenants that will be renting. For example, rental properties closer to universities will be sought after by university students, and smaller rental properties closer to the city center will be sought after by young professionals looking for work.

Renters Reform Bill

Of all the things that you need to know as a landlord in 2023, the Renters Reform Bill is probably one of the most important. The Renters Reform Bill makes fundamental changes to how rental properties operate. Perhaps one of the biggest changes that this bill makes is that there are no more fixed-term tenancies. In other words, you won't be able to tie a tenant into a year-long contract anymore.

Instead, tenants will be able to give notice at any stage without any penalties. This means that the tenant will decide when their tenancy comes to an end. However, there are also changes for landlords that will make it easier to deal with tenants who are in arrears or tenants who are particularly antisocial.

Rental Demand is Increasing

Finally, the last thing that you need to know as a landlord in 2023 is that the demand for rental properties is increasing. This is primarily because the price of the property is very expensive, and most people aren't able to afford to buy a house.

As such, many people are now renting, since it is the more affordable option. This means that, as a landlord, you can take advantage of this information by trying to acquire as much rental property as possible now, so that you can get returns on your investments very shortly.