Abstract

The paper presents a framework for assessing maturity of the private rented sector (PRS) that is tested by reference to a study of Edinburgh set within a Scottish context. The mature market framework is developed by reference to investment theory and comparison with established PRSs in Europe. The PRS is accepted to a degree by users, the government, the wider community and investors. However, the PRS still lacks complete acceptance among tenants and fiscal changes have reduced its financial attractiveness to landlords. Recent Scottish legislation has brought greater regulation that has favoured tenants. There is also little evidence of acceptance by institutional investors. The study therefore finds the case for maturity is unproven, although some subsectors are more mature than others. From a housing system perspective PRS maturity is a function of how the state frames the interaction between private markets and public provision, particularly in countries like the UK which retain a significant sized social sector.

摘要

本文提出了一个评估私人租赁部门（PRS）成熟度的框架，并通过参考苏格兰背景下的爱丁堡研究进行了测试。成熟的市场框架是参考投资理论并与欧洲已有的PRS进行比较而制定的。PRS 在一定程度上被用户、政府、更广泛的社区和投资者所接受。然而，PRS 仍缺乏租户的完全接受，而财政改革也降低了其对房东的财务吸引力。最近的苏格兰立法带来了更严格的监管，这对租户有利。机构投资者也几乎没有接受的证据。因此，该研究发现，尽管某些子行业比其他子行业更为成熟，但成熟度的理由尚未得到证实。