According to a survey, over half (54%) of landlords indicated they would consider exiting the market, primarily due to certain provisions in the bill being perceived as less appealing. Among these, the abolishment of Section 21 eviction provisions was one of the most unpopular reforms, as it currently stands as the only non-court procedure for evicting tenants.

Moreover, the new bill also mandates that landlords allow tenants to keep pets unless they have "reasonable grounds" to refuse. This provision has also raised landlord discontent, with over half (54%) of them believing it will increase the likelihood of property damage from rented properties. Consequently, many landlords (53%) are planning to strengthen tenancy agreements and conduct more inspections to ensure tenants' behavior complies with the requirements.

Despite granting landlords more power to evict tenants engaging in anti-social behavior or rent arrears, 63% of landlords anticipate challenges in the process of repossessing their properties. Overall, the majority of landlords (66%) believe these changes will increase the costs and time of enforcement.

Nevertheless, despite the challenging environment, many landlords still view renting out properties as a worthwhile investment. In fact, half (50%) of the landlords stated they would recommend investing in rental properties. This suggests that despite the challenges, landlords still see the potential returns and demand for rental properties.

For landlords, it is crucial that they have sufficient time and information to adapt to significant changes that may occur in the coming years. This way, they can continue to provide much-needed housing for nearly 5 million households.

The economic uncertainty, continuous regulatory changes, and rising costs make 2023 a challenging year for landlords nationwide. Therefore, they need to be prepared to adapt to these challenges and continue playing an indispensable role in the housing market.