Nick Thornhill, managing director and co-owner at Bedspace, a housing organisation that helps provide accommodation and support to vulnerable people on their journey to independence, discusses how landlords could be using their properties to house people in need.
There are currently 8.5 million people in the UK that are in need of some form of housing support according to the National Housing Federation. With the cost-of-living crisis leaving even more people at risk of becoming homeless, it’s vital that we as a housing organisation do what we can to support those in need.
In 2021, it was estimated by UK homelessness charity, Crisis, that around 227,000 people experienced forms of homelessness in the UK. More recently, new figures from the charity have revealed that this figure is expected to rise to 300,000 households in 2023.
The situation in the UK highlights the opportunity that exists for landlords to make a difference to vulnerable people who are in need. One way in which landlords can support this effort is by working with housing organisations and using their properties to help support vulnerable people. At Bedspace, we have supported 20,000 people, and have seen first-hand how providing purposeful housing can transform the lives of those who need it most.
Why landlords should rent properties to housing organisations
When it comes to renting their properties out, many landlords are not aware of the benefits that can come with collaborating with housing organisations. Landlords that choose to use their properties for good can be transformational in helping to support vulnerable people.
Landlords that choose to rent out their properties to a housing organisation, can benefit from:
Financial security
Renting with housing organisations can bring a range of financial benefits; housing organisations offer guaranteed sustained income for long term leases, which provides reliable, consistent rent payments. Housing organisations also have teams that are dedicated to handling different aspects of the renting process, such as finding tenants and overseeing the regular rent payments.
Partnering with these housing organisations can help to maximise the income potential for landlords and eliminate the risk of long-term loss of earnings due to tenant turnover, property damage, or unexpected vacancies.
Management support
Collaborating with a housing organisation also provides landlords with access to valuable housing management support for rental properties. Housing organisations typically have dedicated teams that take on the responsibility for maintenance and repairs, which can significantly help to reduce a landlord’s workload.
For instance, housing organisations can conduct regular property inspections to ensure that landlords’ properties are maintained to a high standard and are compliant with all relevant regulations.
The services and shared responsibility that housing organisations can provide can help to make landlords’ lives easier, allowing them to focus on other aspects of their life.
Properties with a purpose
Partnerships between organisations and landlords are crucial for providing safe and stable homes for vulnerable people in communities. Many of these individuals may have difficulties finding suitable housing due to financial constraints or other personal challenges. A partnership between a landlord and a housing organisation provides a solution for this issue in the form of affordable housing options and support services to ensure the stability of the tenants.
Additionally, this partnership can help to improve the wider issues around housing that the UK is currently facing, including the shortage of affordable housing and the increasing number of people who are at risk of becoming homeless.
By working together, landlords and housing organisations can help to address these challenges and make a positive impact on the lives of those who are most in need. The work we do at Bedspace helps to make a real difference and transform lives. As we all continue to navigate the challenging economic climate, I would encourage landlords with properties that are available to rent out to consider this: now could be the right time to partner with a housing organisation to support those in need whilst maintaining a sense of financial security.
To find out more about how you can get involved as a landlord, or submit a property, visit the Bedspace website.
Nick Thornhill is managing director and co-owner at Bedspace.