HMOs can be an attractive option for landlords, as they typically generate higher rental yields, at 7.0% on average vs. 5.8% for landlords without HMOs.* However, there are cons that come with the pros, such as higher running costs. HMOs cost an average of £21k a year more to manage than non-HMOs.*
There are also a lot of regulations that HMO landlords must follow in order to be compliant, we've put together a round-up of the key things HMO landlords, or those thinking of becoming one, need to think about.
To successfully rent out a compliant HMO, one of the first things you need to understand as a landlord is how the government and your local authority defines a HMO, whether a licence is required or not and if you require planning permission.
*Landlord Trends Report Q1 2024 - Pegasus Insight
What is an HMO
The UK government defines an HMO as a property that is let to three or more tenants who form two or more separate households and share facilities such as kitchen, bathroom or toilet.
The government classifies an HMO as any home where people from different households live together in the same building and sharing facilities.
A property is classed as an HMO when:
- at least 3 tenants live there, forming more than one household
- and all tenants share a toilet, bathroom or kitchen
If your property is occupied by only two unrelated tenants, it isn't classed as an HMO. A building (or part of a building) only becomes an HMO when at least three unrelated people live there.
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How do I make sure I am a compliant landlord?
Any privately rented property must meet all government rules and regulations. As a landlord, it's essential to make sure the home is safe and suitable to live in. This includes providing a valid gas safety certificate, keeping the EPC up to date, and following smoke and carbon monoxide alarm regulations.
You should also make sure the property is free from damp and mould, and check for any uneven flooring or other hazards that could increase the risk of slips, trips or accidents.
You must make sure all tenants have a 'Right to Rent' in England and provide them with all the required information, such as the government's 'How to Rent Guide'.
You must tell the council if you plan to make changes to an HMO, if your tenants make any changes, or if their circumstances change, for example if they have a child.
With an HMO, you are subject to more rules and regulations and some could even be specific to your local authority. Key areas to think about are health and safety, minimum room size and tenant checks.
What happens if a landlord doesn't have a compliant HMO?
Councils can issue large fines for each breach of the rules. In August 2023, Haringey Council issued more than £200,000 in fines to unlicensed HMOs.
When it comes to breaching minimum room sizes, a licence holder commits an offence if, without reasonable excuse, they breach the licence by:
- knowingly allowing the HMO to be occupied by more people or households than is authorised by the licence
- failing to comply with a licence condition, such as a rule preventing a room being used as a sleeping accommodation
If convicted for such an offence, the licence holder can face an unlimited fine.
Alternatively, the local housing authority may impose a financial penalty of up to £30,000 instead of prosecution.
Using a letting agent
The law surrounding HMOs can be complicated and there are many elements to think about, resulting in a higher percentage of HMO landlords leaning on the services of letting agents.
According to the Landlord Trends Report Q1 2024 from Pegasus Insight:
- HMO landlords are more likely to use letting agents on a full‑management basis (35%)
- A higher proportion of non‑HMO landlords choose to self‑manage (48%).
Whether you are an HMO landlord who uses a letting agent, or if you self‑manage, it's key that you put the safety of your tenants first.
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