It's not all about the money...what makes letting worthwhile?
Introduction
Public debate about the private rented sector frequently focuses on falling landlord confidence, rising costs and intentions to leave. These are important issues, but they do not provide the whole picture. Understanding what landlords continue to value about their role can also inform discussion about the sector’s future.
The Q2 2026 Landlord Eye consultation therefore asked: “Thinking about your experience as a landlord at present, what, if anything, makes it worthwhile to continue providing rented housing?”
In total, 839 landlords left a comment. This blog analyses these comments using the text-analytics platform Wordnerds. To find out more about how the NRLA uses this platform click here.
Summary
Tenants and tenant relationships were the most frequently mentioned themes. Respondents also referred to professional pride, long-term investment and rental income, while costs and intentions to leave also featured. The findings do not show which landlords will remain in the sector or provide a complete ranking of their motivations. They do, however, demonstrate that respondents described the value of landlording in relational and professional as well as financial terms.
Tenants and tenant relationships
When describing what makes landlording worthwhile, respondents most often referred to tenants and positive tenant relationships. “Tenants” were discussed in 37% of responses. Almost a third of all responses - 32% - referred specifically to tenant relationships. Themes could overlap, so these percentages should not be added together.
Smooth or low-hassle tenancies were mentioned in 11% of responses and were associated with particularly positive language.
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37%
of responses mentioned tenants
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32%
mentioned the relationships they have with their tenants
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12%
mentioned smooth or low-hassle tenancies
Respondents referred to dependable tenants, open communication, few disputes and tenants looking after their homes and paying rent on time. For these landlords, the value of being a landlord extended beyond receiving rent to building constructive relationships and providing someone with a home.
Pride was associated with the most positive language
“Pride” in providing housing appeared in 14% of responses. Whilst landlords may have mentioned this topic less frequently than “tenants” or “tenant relationships”, it recorded the highest sentiment score of any of the themes reported in this post - with a score of 68.
This does not mean pride was the most important consideration overall. Rather, comments containing this theme tended to use particularly positive language. Landlords referred to maintaining high standards, behaving professionally, and providing homes in which they would be willing to live themselves.
We always provide high-quality properties, and [our] philosophy has always been we would never let any property out if we couldn’t live in it ourselves … which makes it all very worthwhile.
Comments like the above suggest that, for some respondents, being a landlord forms part of their professional identity. Satisfaction came not only from owning an investment, but also from providing a good service. Landlords also say satisfaction further increases when tenants themselves recognise good service.
Financial rewards framed as long term
Financial considerations remained an important part of the picture, although landlords expressed these considerations in different ways.
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18%
of responses said letting property was a long-term investment strategy
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14%
mentioned rental yields
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12%
referred to high levels of demand
These findings sugges that respondents who raised financial benefits as a topic were more likely to describe property as a longer-term investment than to focus solely on immediate rental returns.
Thus, this group of landlords express financial value in terms of stability, future returns and sustaining a viable business, as well as current income.
One respondent brought together this longer-term outlook and a sense of professional purpose:
We are responsive and caring landlords who focus on NHS professionals and keyworkers. We see our roles as professionals and treat the business as a going concern for years to come.
This comment suggests that, for some respondents, being a landlord formed part of their professional identity. Satisfaction came not only from owning an investment, but also from providing a good service.
Costs and exit intentions remain part of the picture
Not every response identified a positive reason for continuing. Costs appeared in 14% of responses, while 12% referred to intentions to leave the sector and 5% were unable to identify a positive reason for continuing.
The findings show that positive experiences of tenants, professional pride and longer-term investment exist alongside financial and operational pressures. Respondents may value aspects of the role while still questioning whether continuing to let is viable.
What does this mean for the sector?
The findings do not establish the motivations of every landlord. They do, however, show that Landlord Eye respondents associated the value of landlording with tenant relationships and professional pride as well as financial returns.
These rewards cannot compensate for an unviable business environment. A landlord may value their relationship with a tenant, take pride in providing a good home and regard their property as a long-term investment, yet still decide to leave if costs, risks, or requirements become too difficult to manage.
Policy debate should herefore move beyond asking whether landlords are motivated by money or purpose. The more useful question is how responsible landlords can operate viable businesses while maintaining the standards and tenant relationships that many say make the role worthwhile.
