Renters across Isle of Wight West will be saved from forking up to thousands of pounds in rent upfront thanks to new plans introduced to Parliament by the Labour government today.
Currently, there is no limit to how many months rent landlords can require tenants to pay upfront to secure a property. This loophole – coupled with high demand for rental properties – has resulted in some landlords forcing tenants to pay extortionate sums of money upfront, in the form of several months’ rent, before securing a tenancy.
Deposit Protection Scheme data shows that, between May and December last year, 1-in-8 surveyed landlords asked for between four and six months’ rent upfront for one of their rental properties.
Under new measures introduced as part of Labour’s Renters’ Rights Bill, the amount of rent landlords can demand in advance will be limited to a maximum of one month’s rent.
The bill also includes a raft of measures to boost renters’ rights, abolish no fault evictions, apply Awaab’s Law to the sector and ensure landlords do not unreasonably withhold consent when a tenant requests to have a pet in their home.
Labour’s actions stand in stark contrast to the previous Conservative government who shelved plans to boost renters’ rights, leaving households exposed to spiralling costs and poor housing.
Angela Rayner MP, Secretary of State for Housing, Communities and Local Government said:
“Labour will put an end to renters being charged eye-watering up-front costs when they take on a new tenancy.
“Whilst the Tories completely failed to deliver on their promises to renters and bowed to vested interests on their benches, Labour’s Renter’s Rights Bill will transform the rights of renters, ending rental bidding wars and ‘no fault evictions’ for good.
“Labour is getting on with our Plan for Change, increasing living standards across the country and putting more money in working people’s pockets.”
Richard Quigley MP for Isle of Wight West said:
“Plenty of constituents across Isle of Wight West have been forced to find large sums of cash upfront in order to just put a roof over their heads. It’s pushing people into debt or meaning they go without essentials. It’s not on.
“Thankfully, today’s announcement will ensure that tenants without upfront funds are no longer locked out of the private rented sector. This is just one of the many ways this Labour Government is delivering for Islanders.”
