Over the last few years, the property rental sector has seen a lot of changes. For landlords in Isle of Wight, dealing with changes to requirements hasn’t been easy, and now, 2023 looks set to hold many more significant changes.

To ensure you’re prepared for the year to come, our expert lettings team at Marvins has put together the most up-to-date news so that you are well-informed.

Increased Minimum EPC Ratings For Commercial Rental Properties

As of 1^st April 2023, there will be a change in the required minimum EPC rating for every commercial rental property. From that date, the minimum rating for energy performance must be at least an E, and preferably higher. Although 2018 saw the increase in rating requirements for private rental properties under the Minimum Energy Efficiency Standards, only renewals and brand-new commercial leases are currently required to have an E rating, however, this will be extended to every commercial let from 1^st April.

It’s also a good idea to start planning ahead since there are Government plans afoot to introduce even more changes in December 2025, requiring that new tenancies have a minimum energy rating of C from that date, and from 2028, this requirement is set to be rolled out to all tenancies. Therefore, if you’re a landlord in Isle of Wight, it’s certainly time to start thinking about making some energy efficient improvements to your rental property in the near future.

Increased Licensing Schemes

In some areas of the country, there are already licensing schemes in place. These require landlords to make an application for a licence that will permit them to put their property on the rental market. In recent years, we have seen more schemes being introduced, and in 2022, more than fifty new schemes were launched. 2023 looks set to see many more selective licensing schemes appearing, targeting areas where over a fifth of all properties are rentals, or areas that experience high crime and deprivation levels.

The Renters Reform Bill

In June 2022, a white paper from the government announced the “Renters Reform Bill” which outlined the commitment from the government to deliver a more secure, higher-quality, and fairer private rental sector. Predicted to be the most significant shake-up in the rental sector for three decades, the Bill outlined some enormous changes including:

• Abolishing Section 21
• Introducing a Decent Homes Standard to improve property safety
• Putting in place a mandatory new Ombudsman for renters and landlords.

As yet, no official date has been given for bringing these changes into force. However, it’s expected that 2023 will see more announcements on the subject.

Staying Up To Date With The Latest Changes

Whether you’re a private or commercial landlord in Isle of Wight, it’s never been more important to stay up to date with the changes in the sector. Fortunately, you can count on our expert team to keep you abreast of the latest news.

Get in touch with us today on 01983 292114 or at [email protected] to find out more about how we can make your life as a landlord easier.