The rental market is facing some big changes, and it’s good news for anyone who owns a buy-to-let property or is thinking about becoming a landlord. A new report by Goodlord & Vouch, who provide software to letting agents, has revealed some interesting facts about the private rented sector (PRS).

The report, which surveyed over 1,500 letting agents, landlords and tenants, found that a huge number of landlords are leaving the market. Almost a third of landlords have already sold a rental property or are trying to, and another 17.4% are thinking about it. This means almost half of all landlords are getting out of the buy-to-let business!

Why are Landlords Selling Up?

The report says new laws, like the Renters’ Rights Bill, are the main reason why landlords are selling up. This new law will make it harder to evict tenants, which is a worry for almost two-thirds (66%) of letting agents.

Another reason is the new energy efficiency rules. Landlords will have to spend money improving their properties, and a fifth of them say they’d rather sell up than pay for the upgrades.

Renters Feeling the Pinch

All this means there are fewer properties available for rent, and with more people wanting to rent than ever before, prices are going through the roof! The average rent in England is now £1,470 per month – the highest it’s ever been!

This is causing real problems for renters, with almost half (48%) saying they’re spending more than 40% of their income on rent. This means they are in “rent poverty” and struggling to make ends meet. And with house prices so high, many renters feel they’ll never be able to afford to buy their own home. In fact, a third of tenants think they are unlikely to buy a property in the next five years.