Private Residential Tenancy
With 2019 now well underway, we are starting to see the effect of the Private Residential Tenancy (PRT) on the lettings market – the biggest update to the private rental sector in a generation.
It’s not all negative though! The new system does make provisions which make it easier to remove difficult tenants or those who are in significant rent arrears, or indeed for landlords who decide to sell. In addition, the new First Tier Tribunal has resulted in a much swifter legal process to deal with these events if a tenant chooses not to comply with a notice to leave.
Ultimately, the challenge for landlords, agents, current tenants and prospective tenants is to understand this ‘brave new world’ of lettings and work closely with each other and communicate well for the benefit of all. The relationships between them will be a key factor in determining whether the PRT system is a success.
At Cullen, we are pro-actively moving forwards to meet these challenges and using our vast knowledge of the Edinburgh residential letting market to minimise risks for our landlords and maximise the opportunities.
In conclusion, over the next few years, we expect the student market will continue its growth with most properties changing tenants in June as market forces take effect. Until then, agents and landlords will need to be vigilant and flexible in their approach to ensure they ‘mind the gap’ rather than fall unwittingly into it.
We hope you enjoyed our blog piece regarding the new Private Residential Tenancy act. To read more like this, click here.