The Residential Landlords Association (RLA) is urging the Government to back longer tenancies in rented housing to meet the needs of the growing numbers of families with children who rely on the sector for their home.
Almost 40% of private rented homes have at least one child living in them, with such families seeking long term stability to settle into their communities and local schools. Rather than resorting to legislation to impose longer tenancies on the sector, where tenants have already been living in their rented homes for almost four years, the RLA is calling for tax reforms to encourage and support more landlords to offer them.
The Government has already admitted that such incentives “could be quicker to implement” than legislation. It would also ensure that the vital flexibility the sector is good at providing is retained, enabling those wanting short term tenancies to quickly access new work and educational opportunities.
In its submission to the Treasury ahead of the Budget on 29th October, the RLA called for tax relief on rental income which could increase each year a tenancy continues up to a maximum of five years if the tenancy is renewed. The relief would then remain at this level.