The British demand a minister for renting
Real estate companies have written to the Prime Minister and the government, urging them to support tenants by appointing a Minister for Rent.
Build-to-rent portal Love to Rent wrote the letter, which was jointly signed by developers Folio London, and Arcadia, as well as property management firm Hera Property.
The letter asked Prime Minister Boris Johnson to make the appointment to “monitor and raise standards for millions of people currently in rental housing, many of whom are not fit for purpose, and to enforce the standards for homeowners who do not comply and to encourage and play a role in the growing construction-for-rent industry, which has the ability to improve lives for the future.”
“We need a minister to take care of our problems.”
Anne-Marie Brown, Founder and CEO of Love to Rent, said: “Rented accommodation requires different governance than homeownership, yet when the same minister manages both, they are often predominantly focused on increasing homeownership rates for the detriment of the rented market.
“Younger generations are less and less dependent on private property in favor of rental properties that provide a safe and flexible lifestyle, and this demand will only increase as the construction-for-rent industry continues to flourish.”
Around 28% of the UK population currently lives in private rental accommodation.
Meanwhile, the build-to-rent sector is seeing increased interest from large companies, including Legal & General and John Lewis.
Brown added: “As the number of people who rent increases and the profile of tenants changes, with more families and seniors choosing to rent, we must refocus the agenda, placing more emphasis on improving conditions for tenants, including making holding homeowners accountable for underperformance and promoting longer and safer leases.”
“People have also started to re-evaluate where they want to live and what they want from a home since the beginning of the pandemic, with many looking for pet-friendly developments, space to work from home, access to high-speed broadband, and also social events and community to allow social interaction. Love to Rent is the perfect portal to find these houses.”
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