4 ms·
Sadly, the UK rental market is terrible. Real estate managers are incentivized to change tenants frequently to generate more fees. Sometimes, this also goes ag
by nextos 6y ago
Sadly, the UK rental market is terrible.
Real estate managers are incentivized to change tenants frequently to generate more fees. Sometimes, this also goes against the interest of the landlord as depending on his contract he might need to pay pretty hefty readvertising fees.
- mkingston 6y agoYeah, the UK rental market is pretty bad. My understanding is those fees are no longer legal. https://www.gov.uk/government/collections/tenant-fees-act https://www.gov.uk/government/collections/tenant-fees-act See the section near the bottom starting "From 1 June 2019, the only payments that landlords or letting agents can charge to tenants in relation to new contracts are:" Anecdotally, it seems these fees have indeed disappeared, although few people I know now live in rental accommodation in the UK.
- nextos 6y agoSure, the fees have disappeared for tenants, but not for landlords! I know because I've been renting myself till last summer. It's a step in the right direction. In a place such as Oxford or Cambridge you have tons of overseas landlords. Thus, agents are typically extracting fees from them by claiming the tenant has left and the house needs to be readvertised. But, in reality, the tenant wanted to renew the contract. Since they are not on-site, let alone managing the property themselves, it's easy to trick them. In other words, agents often have a perverse incentive to force a high tenant turnover. Some agents are not like this because they are more ethical, or because they guarantee a minimum income per calendar month. But, on average, it's a very nasty market as you've noted.