PSL Scheme Guarantees Rent for Edinburgh Landlords
Property owners are being urged to join the unique and growing scheme, which guarantees Edinburgh landlords rent paid quarterly in advance - even if the property is empty or the tenant doesn’t pay.
The impact of Coronavirus on the Edinburgh rental market has been significant. The average time to let is currently 46 days, up 70% on the same period last year [Source: CityLets Q3 Report 2020] and many short-term holiday and student lets have converted to long-term rentals, increasing competition in the market.
Benefits
Landlords and owners of empty homes in Edinburgh who join the Council funded PSL scheme can avoid the worry of unpaid rent, void periods or letting agency fees. Other benefits include:
• Guaranteed rent quarterly in advance
• Free management service by registered Edinburgh Letting Agent, Link PSL
• Tenant damage covered
• Regular property visits
• Stable rental yield with 3, 5 or 10 year lease
• Optional repairs service
The Council funds the management costs of Link Housing Association, so that landlords benefit for free whilst helping those in need.
Over 1000 homes
The PSL scheme, managed by Link Housing Association, has provided 1,464 homes across Edinburgh for households experiencing homelessness. Despite the challenges of lockdown, 89 properties joined the scheme, and 321 new tenancies were established, between 1 April and 6 November 2020.
“Swift, efficient, and professional”
Mrs M, a landlord with Link PSL, said: “When my property became vacant during lockdown, I contacted Link PSL with a view to trying to make my property available to someone quickly. The service was swift, efficient, and professional whilst observing all lockdown precautions. My property is now tenanted, providing someone with a safe home whilst providing me, the landlord, with revenue.”
“Enhanced rental values”
Link Group Commercial Director, Colin Culross said: “During the coronavirus outbreak, many people are feeling the financial burden of empty homes that may otherwise be available through a letting agent or Airbnb style holiday let. The PSL scheme is a welcome solution for Edinburgh landlords with buy to let mortgages currently seeking financial support or mortgage payment holidays due to a lack of rental income.
“More than 1,000 landlords are already receiving guaranteed rent with PSL, which has been operating successfully for over a decade and now with enhanced rental values and the introduction of Link’s ISO-accredited maintenance service– as a one stop shop approach to property management.
“I would urge any landlords or property owners to get in touch to find out how the scheme could help them, now or in the future.”
Link is also looking to purchase empty homes from landlords or property owners.
To find out more www.linkhousing.org.uk/PSL or email [email protected].
Link PSL is accredited with Landlord Accreditation Scotland and a registered Letting Agent under the Letting Agent Registration (Scotland) Regulations 2016 (Registration Number LARN1907019).