A report published today attempts to counter the ‘anti-landlord’ rhetoric that has gathered pace in the UK by revealing that the private rented sector supports some 390,000 jobs and makes a £45 billion contribution to its economy.

The report, commission by the NRLA and Paragon Bank from international consultancy PwC, gives the example of Wales, putting its smaller landlords on the same economic footing as tourism and larger than farming.

Called ‘The Economic Contribution of the Private Rented Sector’, it examines in detail the annual revenue of small and medium sized landlords which are whose defined as owning 15 or fewer properties wihtin their portfolio in England and Wales.

The £1.6 billion economic contribution made by the Welsh PRS accounts for almost 2% (1.99%) of Welsh national economic output.

Investment and jobs

Accompanying commentary from the NRLA says the report is designed to be a reminder, particularly for politicians across the UK seeking re-election, that the private rented sector underpins significant levels of investment and jobs within construction, building maintenance and councils.

“Although we at the NRLA are already well aware of the pivotal economic role landlords occupy across the UK, this research underlines how private landlords support much-needed employment for many across Wales,” says Ben Beadle, Chief Executive at the NRLA (pictured)

“At a time of ongoing sluggish national economic growth, the Government needs to recognise the contribution the sector makes by encouraging the conditions for greater investment in homes for rent.

“Doing so will help build a PRS which works in the interests of landlords and tenants throughout the country.”

James Bailey, UK Housing Leader at PwC UK adds: “Approximately 80% of the estimated 4.8 million properties in the private rented sector in England and Wales are provided by landlords with fewer than 15 properties.