OSB Group has found that that landlords are taking action and continuing to invest in the future of the Private Rented Sector (PRS) and the tenants they serve.
According to the second instalment of OSB’s Landlord Leaders survey, 69% of landlords have already or are planning to increase the size of their property portfolio, increasing to 77% of professional landlords.
This investment comes at a time when 42% of landlords say they are optimistic about their future, with 20% of professional landlords saying they feel very optimistic.
The optimism is reflected in the actions landlords say they are taking to help their businesses succeed. Reflecting the ongoing professionalisation of the PRS, 65% are considering or have already transitioned to become limited companies or incorporated entities. Additionally, 66% are investing or planning to invest in order to stay ahead of legislative changes, 58% have or plan to employ more staff and 68% are spending more time thinking about the tenant experience.
Jon Hall (pictured), group managing director, mortgages and savings at OSB Group, said: “Landlords play a critical role in society, and this research clearly demonstrates that they are optimistic and committed to the future of the sector. The actions landlords are taking, such as future financial planning, investing in the growth of their businesses, and building better tenant relationships, are a clear sign of their drive to improve the PRS for the long-term despite the many headwinds. We hope to see this continue over the next 12 months and longer.”
According to the research, the top reasons for being a landlord are earning potential and the ability to pass down wealth and inheritance to future generations, followed by investing in a fixed asset and having a positive experience on tenants’ lives.
The latter is reflected in landlord action, with 75% of landlords engaging or planning to engage with tenants to understand their needs better and foster positive relationships, and a quarter (25%) have also expressed their desire to positively impact tenants’ lives for the future.
Hall added: “This latest research reinforces OSB Group’s view that the journey to professionalisation is one that many landlords are committed to. We will continue to support our landlord and broker clients and the Landlord Leaders Community members to ensure this optimism and action is replicated and recognised.”