Adapt or Die: The Renters’ Rights Act & How HMO Investors Must Evolve

Ever feel like the rules of the game have changed overnight and you’re not quite sure how to keep up?

With the Renters’ Rights Act coming into force, that’s exactly where many landlords and investors find themselves right now. The landscape is shifting fast, and what worked before simply won’t cut it anymore.

In this episode, I break down what this new era really looks like for HMO investors - not by getting lost in the legal detail, but by focusing on how you need to adapt your strategy, systems, and mindset to stay successful over the next five years.

🎯 What You’ll Learn

• What the Renters’ Rights Act means for the future of property investing
• Why risk management is now more important than ever
• How to improve tenant selection and avoid costly mistakes
• The importance of clarity in your business model and target tenant
• How to create better tenant experiences that increase retention
• Why communication, systems, and efficiency will define top operators
• How to position yourself to take advantage of new opportunities in the market

If you want to stay ahead of the curve, protect your portfolio, and continue building a profitable HMO business despite the changes, this episode will show you exactly how to do it.

Download your copy of The HMO Investors Guide to The Renters’ Rights Act here: https://thehmoroadmap.co.uk/ 

💻 Resources & Mentions

• Join my Accelerator Programme: If you’d like my direct input on your current or next project, you can watch this video or book a complimentary strategy call with me here.
• The HMO Roadmap: Feeling overwhelmed? Access 400+ tools, templates, and lessons to help you start, scale, and systemise your HMO business - all in one place. Join here.
• The HMO Community: Got questions or need support? Come and connect with 10,000+ investors inside our Free Facebook Group here.
• Social: Follow me on Instagram for daily HMO tips, advice, and behind-the-scenes updates here.

Transcript

Andy Graham (00:02.67)

Hey, I'm Andy and you're listening to the HMO Podcast. Over 10 years ago, I set myself the challenge of building my own property portfolio. And what began as a short-term investment plan soon became a long-term commitment to change the way young people live together. I've now built several successful businesses. I've raised millions of pounds of investment and I've managed thousands of tenants. Join me and some very special guests to discover the tips, tricks and hacks, the ups and the downs, the best practice and everything else you need to know to start, scale and systemise your very own HMO portfolio now.

Andy Graham (00:40.654)

On the 1st of May, 2026, the Renters' Rights Act will finally come into force. And from that point on, it will define a completely new environment that our property businesses need to operate within. Today's episode isn't about understanding the legislation and the nuance of it, but it is about helping you recognise what this new landscape will look like, and more importantly, how you and your business need to adapt if you want to perform successfully over the next five years. There's no doubt whatsoever that this is the biggest shake-up to the PRS in decades. And if you want to get results, if you want to stay at the top of your game, if you want to succeed as an investor and as a landlord, then you have to get this right. In today's episode, I'm going to help you make sure you do exactly that. Let's get into it.

Hey guys, it's Andy here. We're going to be getting back to the podcast in just a moment, but before we do, I want to tell you very quickly about the HMO roadmap. Now, if you're serious about replacing your income, or perhaps you've already got a HMO portfolio that you want to scale up, then the HMO roadmap really is your one-stop shop. Inside the roadmap, you'll find a full 60 lesson course delivered by me, teaching you how to find more deals, how to fund more deals and raise private finance, how to refurbish great properties, how to fill them with great tenants that stay for longer, and how to manage your properties and tenants for the future. 

We've also got guest workshops added every single month. We've got new videos added every single week about all sorts of topics. We've got downloadable resources, cheat sheets and swipe files to help you. We've got case studies from guests and community members who are doing incredible projects that you can learn from. And we've also built an application just for you, that allows you to appraise and evaluate your deals, stack them side by side and track the key metrics that are most important to you. To find out more, head to theHMOroadmap.co.uk now and come and join our incredible community of HMO property investors.

Andy Graham (02:39.344)

Okay, welcome back. Today we're talking about the Renters' Rights Act which comes into force on the 1st of May, 2026. It is D-Day. This really is one of the biggest moments for the private rental sector in decades. And as a private landlord, as an investor, this is going to make your life more difficult. Make no bones about it. Now, so far most of the conversations around the Renters' Rights Act have focused on exactly what is changing. The nuance in the new law.

And I want to kick today's episode off by pointing you to a useful resource that I've put together. We've compiled a complete guide to the Renters' Rights Act specifically for HMO property investors. It's completely free and you can go and download your copy of that and it includes all of the nuance that you need as well as some very specific information that you need to get your head around as a HMO property investor. Just head to theHMOroadmap.co.uk, scroll to the bottom of our homepage and you will find it there. You can download it for free and there is no doubt that it will help you navigate these new changes. 

Now to kick things off today, what I want to do is just at the very highest level, summarize some of the most important changes. You're probably aware of all of these, but if you're not now would be a very, very good time to make sure that you are. So first and foremost, some of the key changes.

The assured short hold tenancy, the AST that we are also familiar with using has been abolished. We are now looking at using a completely different document to essentially tenant our properties. All tenancies will become periodic. whereas previously we were able to arrange fixed term tenancies, typically it was six months and then it would move to rolling or typically in the student market, it would be 12 months fixed terms and we would renew every year. That has been abolished as well. So we can no longer arrange fixed term tenancy agreements. 

Section 21, the ability to remove a tenant or evict a tenant for no particular reason or fault that has been removed, that has been abolished. There are new possession grounds and the document that I just referred you to that you can go and download for free. I've summarized all of them so you know exactly what they are very clearly and the terms under which you can serve those new notices.

Andy Graham (05:07.324)

But that has completely changed. Rent increases. Now it moves to a statutory structure. You can only do it once every year. It has to be at fair market rent and tenants will have the ability to challenge it and take it to tribunal. And it appears as though a good chunk of tenants will do that because there's almost no reason that they won't. So just be mindful. There are restrictions in taking rent in advance. You can no longer do that. We are now banned from promoting a bidding. 

So putting properties or rooms online and trying to encourage the highest offer for it that is now illegal to do. There can be no blanket discrimination in tenant selection of any sort. So bear that in mind. There is a requirement to consider pet requests, but I've spoken about this as a HMO property investor. It's probably in most cases still unsuitable and you'll be perfectly within your rights to say so, so long as you can justify it.

There are mandatory provisions of the prescribed information. They have changed slightly and there will be an introduction of a PRS database and an ombudsman. They're not here just yet, but they are coming and we will have to comply to them as well. So that is essentially the new framework from the 1st of May. And it is all covered in great detail in the guide that I've sent you to that you can go and download, but very much from the perspective of a HMO property investor. 

There are lots and lots of things that are very nuanced because our model is different to the standard buy to let model. Particularly if you're a student landlord, some of the changes in the new legislation completely disrupt the way that we have historically done things. So it's very important to get your head around all of this information and you need to do it now.

Because if you don't, when the time comes to perhaps relying on a new ground for possession or something else in the new legislation, there's a good chance you may not be able to utilize it because there are things that you simply haven't done or prepared for in advance. Now, I don't want to labor the legislation and all of these changes in great depth today at all. It would quite simply take us too long. In honesty, it's all very, very boring and very, very dull.

Andy Graham (07:36.384)

And it's just about the least exciting thing there is of being a landlord. And I, for one, I'm pretty sick of just even talking about it and thinking about it. So I'm not going to do that. I'm going to let you go and make sure that you digest all of the detail in your own time, but please do make sure you do that. Don't let your tenants know more about this legislation than you. It's really, really important as a business owner that you completely understand this stuff. You don't need to go and scroll through hundreds of pages on the .gov website. I've put together the guide that you need with everything that you need on there. 

But what does all of this mean and how do we adapt to it? Well, there are a few things that I want to point out today that I think we all as property investors and landlords need to start thinking quite differently about. The first thing is we need to very carefully consider risk and we need to do a better job of managing our risk.

So what do I mean here? Well, because of some of the changes in legislation, there is a really, really big risk that if, for example, a difficult or a bad tenant ends up in one of our properties, it could be extremely difficult for us to remove that tenant. And because of the nature of our products, a bad tenant in a property of, let's say, five or six other people can create a pretty awful scenario where everybody else in the house starts to leave voluntarily, but the one person that we don't want there doesn't leave and we can't make them leave and it's very difficult to get them to leave. That could be a financial black hole and it's just one example, but what this really does and what it should do is focus the greatest importance of due diligence on our tenant selection. 

We have to be prepared to put more work into finding out who wants to live in our properties and who we want to live in our properties. I think that we need to be very careful and very considerate about who we let now stay in our properties because you never ever really want to find yourself having to evict a tenant. If you have a portfolio that's big enough and you do this long enough, it will ultimately happen and people's circumstances and people ultimately do change and they can surprise you. 

Andy Graham (10:02.601)

But we can significantly reduce this risk. So what does this mean? Well, I think first and foremost, putting better processes and procedures in place when we are doing our due diligence on tenants. They have to, of course, meet affordability criteria. If they don't, you can still take a guarantor, but historically, my advice has always been to take a guarantor in any case. But if they pass affordability checks, you can no longer do that. But certainly, if they don't pass affordability checks, I think you're crazy if you take them on and you let them live in your accommodation without a guarantor. I think that that is essential. I think references, I think credit checks, I think that you need to be getting previous landlord references, proof of employment, and be very, very, very careful in making sure that you vet that information.

In the last few months alone, I have seen tenants falsify documents. AI has made this so easy. So please don't take anything at face value. You really need to be thinking about some key systems and platforms that you can utilize to make sure that all of these checks are being done as well as they possibly can be with the greatest degree of accuracy as well. Ultimately, you need to make better and stronger decisions upfront because making them later on when you have a problem is going to be inevitably very, very expensive. And we need to just be less reliant on fixing those problems later on. 

Another good example of managing risk better would be to seriously consider whether or not you take rental insurance. Historically speaking in HMOs, I haven't ever felt the need to do this, but I do find now that the risk, as it is so much higher, that getting insurance possibly makes a lot more sense. Now insurance products vary quite widely in terms of the price and exactly what the insurance product offers. Fortunately with HMOs we still operate a fairly high margin business, but particularly with small HMOs and standard buy to lets, if that tenant or a tenant in that property doesn't pay their rent and It potentially takes you nine months. Maybe more to get them out

Andy Graham (12:25.116)

at the expense of many, many thousands of pounds, whilst they're also not paying their rent, very quickly over the course of a year, you could be out of pocket, five, 10, 15,000 pounds, depending on how much the room should be rented out for. You've got legal fees on top of that, all sorts of things to consider. If you have an insurance product in place, if that happens, if you end up with a tenant that doesn't pay rent, that insurance will kick in. 

So I would have a look at your portfolio and I would have a think about what the implications of a tenant or a number of tenants not paying their rents and you having to go through enforcement proceedings would actually look like. You may find it makes a lot more sense just to put some insurance in place now. Yes, it will cost you. This is sort of the point I'm making today. This legislation doesn't necessarily make the bottom line of our business look better, but we do still need to adapt to it.

Have a think about this sort of thing. Where is the risk and what can you do about it? And it may be that as this beds in, we get more comfortable with it. We start to figure out exactly what the risks are at the minute. They're all very much perceived. We haven't even experienced them yet. You might change your position on some of this stuff, but just be careful not to get caught out. It would be better to think about it and maybe have a contingency in plan now than be on the back foot if something happens at later stage.

So that was the first thing that I wanted to talk to you about today. It was better risk management. I think as a landlord, it is more important than ever right now that we're doing this because quite simply we cannot afford to be in a position where we have bad tenants, tenants who don't pay the rent, tenants that we need to be taking enforcement proceedings on. It will be an absolute nightmare, quite frankly. Now let's talk about clarity of your model and your strategy. I think now so more than ever as this sector is shaken very firmly and a lot of landlords fall out of that tree, there will be opportunities that come up. And I think it will be quite exciting. I think there will be some really interesting deals. I think there is a lot of scope for people like us who are active, who are very much still focused and still enthusiastic about the long-term outlook of the private rental sector and what we can do in property. But I think we have to be really, really clear

Andy Graham (14:51.016)

a few things. First and foremost, who is your tenant? I think the days of accidental landlords have gone and I think the days of dabbling in a bit of this and a bit of that have absolutely gone as well. I think it's more important now than ever that we are experts and we really know and understand our customer. Now, if you're a student landlord, if you're a professional landlord, perhaps you've got a bit of both, but I think really getting into the detail of exactly who that tenant is.

If you're a professional landlord, what sort of professionals do you have in your portfolio? Who are you targeting? You need to build your models and your system, the ways that you communicate, the ways that you operate in terms of getting into your properties and assisting tenants. All of that has to be adapted to your tenant. Think of them more so than ever, like customers, you really need to understand their needs and you really do need to make sure that you're addressing them for so many different reasons now.

Think about the type of HMOs that you're actually running. What is the objective? What is the standard of accommodation? I think the days of just letting the spec of properties just drift, letting maybe the demographic of your tenant just drift because it was more important to fill a room. I think you have to stay true to whatever your core objective of that core product actually looks like. You need to be able to rinse and repeat that model. You need to be able to do things very, very consistently more so than ever before. 

You need to be really clear on where your product sits in the market as well as a landlord as a property owner think of it a little bit like auto trade where is your property in the listings in the rankings you need to know exactly where you should be priced who you're competing with who you're talking to and you need to be monitoring that all of the time I think that it will be a bumpy year or two as this new legislation settles in and I think there'll be a lot of scrambling around by some of the landlords that decide to stay in, but perhaps are not totally clued up on a lot of this stuff. And for many of them, the first thing that they will do is drop prices. So just stay really clued into the market and be really true to your product and your tenant and make sure that you're really, really good at delivering the results that you need. You need to be an absolute pro and know your product like the back of your hand.

Andy Graham (17:13.76)

You need to also be just super aligned across your properties and the tenant type and your location. I think really tightening up on your portfolio, on your business is really important. I think you more than ever now probably need to put the idea of peripheral kind of opportunities down, maybe sort of venturing into these other things around the edges. Maybe trying to do projects that don't fit within your core model because I think that the distractions could penalize you quite heavily. 

I think now it's really important to sort of almost tighten your belt a little bit and just make sure you're really, really, really good at what you as a core objective want to be doing and just focus on delivering those results. And over time, let's see how things are going. And if we're doing well, and if your business is performing well, then yes, of course start to lean out of that a little bit more. Look at our alternative opportunities. But I don't think now is the time to be just flirting with a bit of this and a bit of that and doing stuff over here and doing a bit over there. I think we really, really want to focus on being an expert on something in a particular location as much as we possibly can. I would also recommend that we really do focus on tenant quality and stability. 

So we need to prioritize tenants who will stay and pay. I've already talked about doing more due diligence on tenants, but I think that you want to try more so than ever to encourage that community aspect of what you're building. Tenants who are looking to live with other people, who are looking for that sort of companionship, who are looking for community, who are looking for people that they can live with and have shared interests, those sorts of people and those sorts of bonds and relationships.

They will be helpful to you as a landlord. They may be small communities in our houses, but they are communities nonetheless. And it will really help make sure that your property self-policed, that there's mutual respect between you and your tenants. And ultimately you're encouraging, you're providing and you're facilitating the environment where people will want to stay for longer. Yes, our properties are price sensitive. Yes, things are location sensitive as well, but encouraging all of that stuff and really thinking about.

Andy Graham (19:28.97)

how you can demonstrate that sort of stuff to prospective tenants, what you can actually do to physically facilitate it. Can you do pizza nights, games nights, vouchers, all of this kind of stuff. Can you organize events for your tenants across all of your houses? Can you band together with other landlords and put cool stuff on? I think all of this stuff right now is more important than ever. There's a lot of stuff that we can be doing and thinking about that is very much outside the box as a landlord, but I think we'll become very much the norm as we move forward. 

Think about bolting products onto the product that you already have that enhances the experience of your customer. And there are lots and lots of examples of that, but I think anything that enhances that experience for tenants and gives them more reasons to stay, I think is a really good thing and certainly something that we should be prioritizing. As a result, you'll just get less churn, fewer voids because the legislation has changed and there are no fixed tenancies. 

Tenancies can theoretically move in and move out quite quickly. If somebody moves in and within the first few months, they're not finding they're able to make friends within a house or they're not spending time with other people in the house because perhaps they work night shifts, you've got doctors who are busy, whatever it might be, that's not great. And they may well just hand their notice in and go and look somewhere else. And that is a direct cost to us. Inevitably there'll be a bit of downtime on the property.

So a void that we have to take on the chin. There'll also be some costs to refill that room and they are going to be very expensive costs to us. So just think about that. Plus just fewer disruptions. We don't want lots of tenants coming in and out of houses because it disrupts other tenants. It doesn't look great. Who wants to live in a house where someone comes for a month and then somebody else comes for a month and then somebody else comes for a month. Our tenants don't want to live in hostels. They want to live in homes.

But we have to facilitate that. We have to nurture that and we have to really stay on top of that. And now we need to stay ahead of it. In terms of our property conditions, I think it's more important than ever that we are staying ahead of the curve when it comes to maintenance, when it comes to upkeep, when it comes to standards. We should not moving forward, be waiting for tenants to ask us to make some improvements and changes. We really shouldn't even be waiting for reports of maintenance. I think that we should

Andy Graham (21:51.426)

all be looking at stepping up the processes and the systemization we have in our business to make sure we're monitoring the condition of our properties, get in view things more regularly, put better plans together, be more proactive in terms of getting stuff done. Don't wait for it to happen. Don't let tenants get frustrated. Don't make tenants have to chase you to get things done. All of that will result in frustration and ultimately frustration will result in tenants handing their notices in and tenants leaving or tenants getting very upset and deciding to offset their rent, not pay part of their rent because they're unhappy with the service. 

And that's a really difficult position to be in because ultimately that is going to be a breach of their contracts. But if they feel aggrieved, it's clearly going to be a disagreement between you and them. And that just isn't compatible with a good tenant landlord relationship. So we need to make sure that that sort of stuff isn't happening. We need to have really good clear and consistent channels of communication as well. 

Think about who your tenants are and think about how they like to communicate by email, by phone, by messaging, whatever it is, whatever suits your tenants, but think about how they want it. Typically they want it quickly. Typically they want it on the go. A lot of our tenants are mobile. So just think about how that works. If tenants are having to chase you, if emails are getting lost, if it's clunky, it's just going to be detrimental to our service. We need to be looking for these different ways of improving our systems and there is software, things like Coho that can help you communicate directly with tenants within one nice whole where everything is kept together in one place and you can connect conversations with, for example, maintenance work or inspections or whatever else might be going on in the property. 

So there's lots of very clever things that we can do and start to think about incorporating into our property businesses. But I think communication is going to be a pillar of our ability to succeed over the next five years. And I think that those landlords who don't, and let's face it, a lot of landlords over the last five, 10, 15, 20 years really haven't cared that much about how well they communicate with tenants as far as they've been concerned. Here's your accommodation, pay your rent. Those days are so far behind us. We need to be at the

Andy Graham (24:13.806)

absolute other end of this bet and we need to be leading from the front providing the very best communication that we can and yes All of this is effort. Yes All of this is going to take a bit of time and it's going to cost a little bit to set up. But I'm confident that once we get it into place and we find that rhythm It will pay dividend because our tenants will stay they will pay we will succeed or the landlords will falter. We will be in a position to take advantage of those opportunities. A few general comments about running our property businesses then

I think we need to be much more deliberate and less reactive. I think that would be a good way to summarize a lot of what I've already said in today's episode. We just can't afford to be waiting for things to happen and then dealing with it then we need to be ahead of it at all time. I think we do need to find ways of being leaner, cutting costs, trimming the fat, being better in terms of our execution and our general efficiency.

There should be a massive focus, especially now with AI on our efficiency. So think about where you're spending your time, what people are doing in your business, what tenants have to do to get things from you. All of that stuff is really important. There should just be less tolerance for wasted time, for wasted money, for poor decisions. Now we have to increase our own standards and expectations of ourselves and of our properties and our business. Because one thing for sure is the legislation is requiring us to do that and our tenants certainly will do as well. 

For some people in all honesty It may just make sense to operate fewer properties and run them really well and outperform everybody else ,Then try and run lots of properties and not be able to do a good job at it. That's a really good example of maybe just how to think about Operating your business over the next few years. We do need to be careful if we rush and we cut corners and we think that the way that we've been able to do over the last five to 10 years will work over the next five years. think we're in for a really, really, really big wake up call. And I guess that that is what I'm trying to tell you guys today. Please, please, please don't put yourself in that position because I think you will find that the impacts will be really, really, really detrimental if you do. 

The reality over the next five years then. And this is an interesting one because

Andy Graham (26:33.808)

I've recently posted quite a bit on this. did an article or at least contributed to an article in The Times recently and shared my comments and thoughts on it. And as you may expect, the anti landlord brigade are extremely vocal about this and they think that this is the best thing since sliced bread and interesting. A lot of comments from landlords as well. We're sort of saying that it's dead, you know, being a landlord, making money in property is dead. And I just want to be really clear guys that whilst I don't like this legislation, whilst I don't think that it is fair at all. I think it's all one sided. 

Well, I do think it will squeeze us and make our life a bit more difficult. I do think that there's still huge opportunity in this space, especially for people who take everything I'm taking on board today and actually do something with it. And I can pull out all of the data from my portfolio and I can show people right now that being a property landlord and especially in the HMO space is and can still be very, very, very, very, very profitable. Even though costs are a bit higher, even though interest rates are a bit higher, even though it can be a bit more difficult with tenants and the new legislation that's coming in is going to make that more challenging. There is absolutely no way at all that property is dead and that you can't make money in property. Buy to let is struggling. There's no doubt about it.

More and more people are going to be coming into the HMO sector. So if you're already there, you are at a huge advantage. If you're already learning, if you're already here listening to the podcast, you are already at a huge advantage. But the HMO model doesn't stop working because of some of this stuff. Yes, some of the stuff's really frustrating, especially as a student operator, student landlord, but the demand isn't going to disappear. In fact, the demand is going to get stronger because landlords are leaving the sector.

They're not building any social housing. We're not really building many houses. It's certainly not enough to make any sort of positive impact. So as far as we're concerned in terms of supply and demand, there is still a huge discrepancy. And the good news is if we've got quality accommodation and we've got a service to back that up, we can provide for that demand and we can

Andy Graham (28:55.824)

probably find that we can still perform really, really, really well. At the minute, there are some challenges with affordability, but give it time. Economically speaking, things are turbulent, but you just have to be patient. You have to be prepared to think a bit further down the line. If you make all your decisions based on tomorrow's results, you will struggle to make this work. You'll struggle to justify it. Try to think a little bit further ahead. Don't put yourself under lots and lots of pressure to get all of the result that you need today. 

The best thing about property is that it's quite a forgiving asset class. And if you give it some time, it'll historically speaking perform very, very, very, very well. Okay. So you don't need to squeeze every last ounce out of every single deal immediately. It's okay. If it just takes a little bit longer, it's okay. If the performance isn't quite as good, trust me, it can still be really, really good. And at the end of the day, what else are you going to do with your money? What else are going do with your time? Where are you going to put it? 

In the stock market, you're not going to get leveraged. There's still going to be a lot of volatility in other sectors. So I think we have to be careful sort of what we wish for. But we do have to be prepared to put the work in to make sure that we can actually get the results that we want. Now, I think the margin for poor operators, if people don't step up, it does continue to get smaller. I think that mistakes will carry more weight now this new legislation is here and I think those inefficiencies will become much more visible. We've got to change all of that and if we don't adapt our performance will steadily drift our time input into our businesses will definitely increase and It will put more and more financial pressure onto our businesses and we have to stay well clear of that if our properties run smoothly if our tenancies are more stable if our performance remains consistent

We will be that cream that rises to the top. To be honest guys, that is about all I wanted to bring you today. The legislation is here. Go and download the guide. All of the detail that you need, all the new grounds for possession are in there, all the nuance as a HMO investor that you need to know, it's all in there. So head to theHMOroadmap.co.uk. That's our homepage. Scroll to the bottom and you can download that complete guide now. Promise you it'll be a really useful tool. And like I said, it's completely free.

Andy Graham (31:17.702)

But I hope today's episode has been helpful. I hope everything that I've shared over the last 12 months on the Renters Rights Act has been helpful. Unfortunately, despite my best efforts, it has still come through and it's here to stay. But I am hopeful and I'm in fact confident that if we do things in the right way, we will be just fine. It'll take a bit of time, but if we adapt and we get ahead of all of this stuff, we can still build really incredible property businesses over the next five years. 

And there is no doubt whatsoever that if you want to be in real estate and you want to be investing in property, HMOs are without question the single best place to put your money. They are still by a long stretch, by a country mile outperforming anything else, service accommodation, buy to let. And you guys know I do a lot of development, but gosh, I would not develop if I didn't have my portfolio of cash generating assets because it's a desert out there developing. It's just money out and out and out and out and it's hard work. 

So whilst it looks glamorous and it's exciting, it's also very hard work and it doesn't put food on the table on a month to month basis. So now's probably a good time to get really, really good at the basics and make sure that you are kind of leading the pack. And I think if you do that, you won't just be fine. You will thrive over the next five years. 

So there we go. The new Renters' Rights Act. It's here from the 1st of May, 2026 and it sets out the new framework that we all need to operate from within. But look, I don't think the outcome for us is determined by the legislation itself. I think it really is determined by how we operate within it and what we do about it. So I think if you can make these shifts, I think if you can go from simply owning HMOs to just running them like real property businesses and treating your tenants like real customers. 

I think it's you guys, those investors that will put yourselves and ourselves in the strongest possible positions and get the best possible results. So stay lean, be efficient, be deliberate in how your properties are operated. Because going forward, I think that this matters more than ever. And I think it's the most important thing to do right now. That's it for today's episode, guys. I want to wish you good luck as you implement.

Andy Graham (33:40.794)

the new legislation across your business. But as always, I'm here to help our community is here to help. So if you've got any questions about anything at all, head to the HMO community. That's our free group on Facebook is a great place to ask questions about anything to do with the Renters' Rights Act or indeed anything else about investing in HMOs. If you want to find some more guidance and you want to get more clued up and you want to learn more about investing in HMOs, but you want to do it on your own time.

Flexibly, the HMO roadmap is a great place to do that. You can join as a member and take advantage of everything that we've got inside there. There are dozens and dozens and dozens of videos on all sorts of topics. We've got case studies from community members. We've got master classes from experts. We've got the deal stacker so you can analyze your deals and dozens of downloadable templates and resources. And if you want to take things a step further and you're really serious about scaling your HMO property business up, but you want someone in the trenches with you. If you want me to come and get inside your business with you and help you do this, accelerate your results, get better results, avoid the big mistakes, then just head to the show notes. There's a link at the top of the show notes and you can watch a short video and you can find out a little bit more about what working with me looks like. And if you're still interested, then you can book a call with me and we can discuss some strategy stuff. It's completely free, but I'm happy to do that.

That's it guys. Thank you again for tuning in and don't forget that I'll be right back here in the very same place next week. So please join me then for the next installment of the HMO podcast.