Private rented sector - another way

With hundreds of thousands of private landlords and letting agents operating across the UK, standards of accommodation vary considerably and for those on housing benefit and low incomes are finding it increasingly difficult to access or maintain this tenure.

Local lettings agencies are being developed by local authorities and providers up and down the country, all offering something different based on demand in local areas. Common products and incentives of an LLA typically include guaranteed rent in advance (at local housing allowance level), property management and a repairs service.

Many local authorities have worked with the private rented sector for years through access schemes. But it’s now time to improve the offer – LLAs are more commercial, they have branding (that isn’t just the councils’ logo) and they work with landlords just like private market.

With housing waiting lists growing and low supply of social and affordable housing, we need to work with the private rented sector. Local lettings agencies help tackle over-priced and poorly managed properties, barriers which many families face when searching for a home. Other barriers faced include having no guarantor, no rent in advance or deposits and with landlords having a vast choice of tenants, many find it impossible to secure a tenancy in the private rented sector.

I believe a huge selling point of an LLA is that landlords and lettings agents have the security of working with a local authority backed service, experience property managers and a supply of tenants ready to move.

There are many things to consider when developing and setting up a local lettings agency, market research is important to establish what’s operating in your local area, look at market levels, agents’ fees and products being offered. Look at whether there are areas of poor property management, these may the areas you target to improve local living conditions.

For more on the development and operation of a local lettings agency, I’ll be speaking at CIH Housing 2014 on Wednesday 25 June from 1-2pm in Charter 3. During this session you will also learn about other options available to management, acquire or develop homes in the PRS.

Darryl Durno is the local lettings agency manager for Camden Council

To book your place as a delegate at the conference click here.

To read more about the private rented sector click here.