Renters' Rights Bill response 1 October 2024
Posted October 1st 2024 by Daniel Kirk
Following on from the release of the the Renters' Rights Bill on 26 September 2024, we have now reviewed the draft bill in more detail and Adam Latimer, Intercounty Managing Director and one of the Directors of the AIG group which Frost's are part of, has created a quick video that summarises the key points.
As a quick read, we have also highlighted the key points from Adam's video below.
Twelve months secure tenancies
Tenants will have secure tenancies for the first 12 months, ensuring that as long as they maintain the property and pay rent, you will have a stable long-term tenant, a consistent income and reduced hassle of tenant turnover.
Extended notice periods
If you are looking to take ownership of your property you will will now have a 4-month notice period for repossession or sale, and tenants must give 2-months' notice. This reduces the risk of void periods, allowing you to plan ahead and secure new tenants with minimal gaps while benefiting from a smooth transition.
Clarity on grounds for possession
In cases of anti-social behaviour, arrears or property misuse, you may rest assured that strong protections will remain in place, allowing you to retain control over your investment while protecting your property's condition.
Pet requests with insurance
While tenants will now be able to request to keep pets, you will also be able to request that tenants get pet insurance to cover potential damage to give you peace of mind as a property owner while ensuring tenant satisfaction.
Next steps
The Renters' Rights Bill will have its second hearing in Parliament on the 9 October. We will review any updates from this session and provide you with an update if there are any notable changes made.
However, if you do have any immediate queries or concerns, or just want to speak to us about these changes, then please feel free to contact your local branch for further information.
