With just over a month to go, some landlords are apparently only just waking up to the price of the tenancy fees ban.
In this link to Property Tribes, one landlord says how his letting agent has just told him “what they are going to do to ensure that they can still drive their big flash cars”.
Rents charged to tenants will go up; charges to the landlord will go up by 1%; and the tenant find fee will rise from £150 to £350.
“A kick in the teeth for loyalty,” complains the landlord.
Another landlord says that they too have been notified of new fees, including a £225 compliance and reference charge at the start of each new tenancy; check-out fee of £60; inventory £60; and deposit management fee of £12.
Vanessa Warwick, EYE contributor and co-founder of Property Tribes, says: “I wonder how tenants will react when they hear the news that the rent is being increased due to the tenant fees ban?
“This is the perfect example of unintended consequences when the Government tinkers around the edges of the PRS, pulling various different levers without understanding the knock-on effect.”