Renters’ Rights Act and the Oxford Rental Market

For the last two years, we’ve seen increasing demand for rental accommodation in Oxford, with supply simply not keeping up. It’s particularly noticeable with smaller rentals, which are often sought after by postgraduates and overseas applicants. Every time we put a property on the market in a good location or of a good size, we’re inundated with applicants.

There will always be demand for rental property. House prices and mortgage rates continue to rise, and a lot of people simply can’t afford to buy. But the concern is that stock may become an issue.

We’re already seeing properties being let without being actively marketed on the open market because we’ve already met the right people elsewhere. In some cases, properties aren’t even coming onto the market because the level of demand is so high. That’s something we’re noticing in Oxford that we haven’t really seen before.

We haven’t lost any landlords so far. Most landlords are in it for the long term, and they understand that legislation changes. We’re where we are, and they’re taking it on the chin. But the question is whether there will be a knock-on effect if landlords decide that selling is easier than continuing to rent.

There need to be some significant changes to make it more appealing for landlords to bring properties to the market. I think many landlords and tenants are still trying to understand all of the changes we’ve seen over the last 12 months. There needs to be some flexibility and a proper look at the impact of the legislation. If we’re seeing unintended consequences, there needs to be a willingness to review it and make changes. The rental market needs that flexibility.