Private rented sector

60 second overview

Buying a house is increasingly out of reach for tens of thousands of London households, while the contribution of social housing to providing Londoners with homes is declining. Meanwhile, the private rented sector (PRS) is growing rapidly. While private renting is a satisfactory solution for many Londoners, we are concerned with the current state and growth of the sector. For too many London renters, the housing on offer is unaffordable and of a poor quality. The “typical” private renter is changing: from young professionals and people in transition, to low- and middle-income working families for whom buying privately is not a realistic option and who do not qualify for the limited social housing available. Nearly half (48%) of London private tenants would rather not be renting, and one in five is not happy with their accommodation; the end of a private sector tenancy is now London's leading cause of homelessness. Private renting must be regulated properly and made fit-for-purpose so it can be a long-term housing option for such households. Most private landlords want to ‘do the right thing’ by their tenants, but they often lack the government-led support and guidance necessary to make this easy.

Improving quality and stability in the private rented sector

The Trust is keen to improve the experience of private rented accommodation for Londoners on low incomes. To this end we support the work of Generation Rent and Advice4Renters; we have funded research by Future of London into the sector, including on landlord licensing and build to rent. We seek to contribute to policy discussions, e.g. on the end of Lettings Fees, on behalf of grantees, and participate in relevant forums such as at the GLA. We have also invested in improving the sector through mission-related investments to Real Lettings and Commonweal Housing’s Peer Landlord model.

 


Private rented sector: Funding opportunities


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