Private Sector Leasing scheme ‘offers security for tenants and landlords’ in Edinburgh: How it works, who can join
Recent figures published by the Scottish Government show an increase in levels of homelessness in Scotland, underpinning the importance of a plentiful supply of emergency accommodation for those most in need.
Over the six-month period from 1 April to 30 September 2022, the number of homelessness applications, households assessed as homeless, open homelessness applications and households in temporary accommodation all increased compared to the same period in 2021, with the number of homelessness applications in Edinburgh increasing by 29%.
By letting their properties through C~urb PSL, who administer The City of Edinburgh Council’s PSL scheme, Edinburgh landlords and property investors can help to meet housing needs across the city.
PSL landlords need not worry about choosing between achieving a fair rental income and having a positive social impact.
Your property is let to The City of Edinburgh Council to add to the supply of safe emergency accommodation, and you receive a guaranteed rental income – including when the property is empty and even if the tenant doesn’t pay – in return.
The property is then sublet to people who are in housing need, under a Scottish Short Secure Tenancy (SSST).
The Council also funds the management costs, so property owners get a professional, award-winning management service at no cost whilst helping those in need.
The benefits to landlords and investors include:
– Guaranteed rent paid quarterly in advance, even if the property is void through no fault of your own or the tenant doesn’t pay
– Long-term leases for 3 or 5 years, with the option to extend
– No property management or letting agency fees
– Tenant damage covered beyond fair wear and tear
– Regular property visits
– ISO-accredited maintenance service
– Optional repairs service
– Trouble-free investment management
– Positive social impact by providing much-needed emergency accommodation to those in need
“I have no idea what I would have done without you”
The positive impact of PSL on the lives of families and individuals most in need is undeniable.
One C~urb PSL tenant said: “I would like to take this opportunity to express my sincerest gratitude to the C~urb organisation, and it’s most competent staff, for all the help, guidance and advice that you have given me over these very difficult years. I have no idea what I would have done without you.”
Security for landlords in uncertain times
Many private rented sector landlords may be concerned about the impact of economic uncertainty and legislation changes on their rental income.
Many tenants are finding it more difficult to pay their rent and sustain their tenancy due to the cost-of-living crisis, resulting in loss of rental income and potentially costly void periods and eviction processes for landlords. Furthermore, the Scottish Government’s eviction moratorium has been extended until at least 30 September 2023.These factors create a challenging environment for private rented sector landlords to navigate and accurately forecast income from their rental properties. However, PSL landlords benefit from peace of mind knowing they are protected from these uncertainties.
C~urb PSL covers all aspects of tenancy management including legal costs while continuing to pay full rent quarterly in advance, allowing landlords to more confidently forecast the performance of their assets for the duration of their lease.
Landlords enter into leases lasting 3 or 5 years with the option to extend.
“PSL has saved me through each property downturn”
Ken, a current landlord with C~urb PSL said: “C~urb’s PSL scheme is a godsend for landlords looking for trouble free management. I have half of my property portfolio on the scheme, and this is the half I can most relax with. There are no voids, rents are paid three months in advance without fail and there are no issues regarding getting your property back at the end of the contract. Staff are professional, courteous and helpful!
“I have been a serial landlord for almost 20 years and can honestly say that C~urb PSL has saved me through each property downturn. A guaranteed income for 3 or 5 years paid in advance with no voids – it can't get any better!”
Complete C~urb PSL’s online enquiry form, available at www.linkhousing.org.uk/CurbPSL, for more information or to arrange a free, no obligation rental valuation.
C~urb PSL is currently seeking opportunities to purchase properties and portfolios of empty properties across Edinburgh. If you have a property to sell, please contact [email protected] for details.