We appreciate landlords have more than enough to consider at the moment. The impact of the COVID-19 pandemic has significantly affected landlords and tenants across the country. It is therefore natural that this is where landlords time, effort and money is focused.
However, landlords cannot afford to overlook other areas of their business, nor can they let standards slip at their rental property. We believe energy efficiency matters for landlords, and if you are a landlord, you should do too.
As part of our commitment to assisting landlords, ensuring you receive the best standard of support allowing you to satisfy the needs of your tenants, we want to help you understand the importance of energy efficiency in rental properties.
You must have an EPC to let property
The first reason energy efficiency matters for landlords is because you are legally required to have an Energy Performance Certificate (EPC) for the rental property before it is let. As of 1st April 2020, all domestic lettings, including existing lettings, must achieve an “E” rating or higher.
Therefore, if you don’t have an EPC for your rental property, you are in breach of the regulations. If your rental property carries an energy efficiency rating of an F or a G, you cannot let it out, or you would be in breach of the regulations.
Landlords who fail to make an EPC available before letting the property can receive a financial penalty.
Leading benefits of improving the energy-efficiency of your rental property
For most landlords, the threat of a financial penalty for not having a suitable EPC will be all the motivation required to focus on energy-efficiency matters. However, if you need a more compelling argument to take action, please consider the following benefits associated with improving the energy-efficiency of your rental property:
- A positive EPC rating is a great advertising tool when marketing your property as it leads to lower energy bills for tenants
- Energy-efficient properties are more likely to increase in value
- Many landlords enjoy incentives for improving the energy-efficiency rating of their rental property
- Tenants are happier when staying in energy-efficient properties, making it more likely they will stay in the property, reducing void periods
- An energy-efficient property is more likely to minimise risk of dampness, condensation and other issues which harm the property and make tenants unhappy
- With the Homes (Fitness for Human Habitation) Act, tenants can request home improvements and take landlords to court if they are unhappy with the condition of the property, improving energy efficiency will remove the likelihood of this occurring
When you have an energy-efficient rental property, you attract a better standard of tenants, you can justifiably charge a higher rental fee, and you differentiate your rental property from others in the local area. You will also increase the chances of retaining tenants, reducing the likelihood of void periods, and you will ensure your rental property maintains value for longer.
These are all outcomes that should be important for landlords, and if you need any guidance or assistance in maintaining or improving the energy efficiency of your rental property, please get in touch.
Whatever your circumstances are, or what move you would like to make next; we are here for you. Stones Residential prides itself on offering the best standard of service to our clients, and we work hard to help you achieve your property goals. If you would like to arrange an appointment or get more details on how we can help you let your property, contact us today online or by calling us on 020 8954 0045.
