Top Tips For Securing a Rental Property in a Challenging Market
According to new data from Hamptons rents are rising across the UK faster than ever before.
High interest rates are pushing would- be buyers to remain in rented accommodation creating rising demand. Higher costs for landlords are seeing them sell up and leave the buy-to-let market thus reducing available stock.
There are currently on average 20 requests to view every available property (according to BBC data) however the reality can be much, higher in areas such as London, Bristol, and The Cotswolds
With such huge economic pressure impacting the rental market, it’s no surprise finding – and securing – a new home is becoming more and more challenging.
Here are some of our top tips that can help you increase your chances of securing a rental property in a challenging market.
Begin your search well in advance, ideally a few months before you plan to move. This will give you more time to explore different options and secure a property that meets your needs.
2. Online Resources:
Take advantage of online platforms and websites to search for available properties. Websites like Rightmove, Zoopla, Prime Location and On The Market, as well as local letting agents’ websites. You can set up alerts to notify you as soon as a new property that meets your requirements is listed.
3. Set a Budget:
Determine your budget before you start your search. Consider not only the monthly rent but also additional expenses like utilities, and bear in mind that currently rental properties are often going over the asking rent, so work out your contingency budget as well to ensure you cover every eventuality.
4. Letting Agents:
Get to know the agents in the area you want to move to. Make a list of agents and call them weekly to see what new properties they have coming up. this way they will become familiar with you and what type of property you’re looking for. You are also more likely to get to view a property before it is advertised online.
5. Network and Ask Around:
Spread the word among friends, family, and colleagues that you are searching for a rental property, and even in the local pub! They may have leads or know someone who is looking to rent out their property. Networking can sometimes uncover hidden gems that may not be listed publicly.
6. Be Flexible:
Be as flexible as possible with your viewing availability. If a property is popular the agent will likely hold block viewings so make sure you can attend when these are happening otherwise you will miss out. Where possible, be flexible with your move-in date, by restricting yourself to a certain date you may be missing out on other options. And consider expanding your search areas, or compromising on other factors such as having a garage or off-road parking.
7. Persistence pays off:
Competition and rejection are to be expected in a challenging rental market. Be persistent and don’t be discouraged if you miss out on a property. Make sure the letting agents know you are committed and remember that acting quickly on a property will be to your benefit.
8. Get your documents ready:
Be prepared with all the necessary documents that may be required for the rental application process. This may include proof of income, references, identification, and a completed application form. Remember that you will need to show an income which is equivalent to 30 times the annual rent, so if the rent is £1000 a month, you will need to have an annual income of £30,000.
9. Consider a property search agent:
If you’re struggling to find a suitable rental property on your own, consider enlisting the help of a relocation, or property search agent. They will have extensive relationships with local landlords and letting agents, who know and trust them. They will also handle the offer negotiation on your behalf and are experienced and skilled in knowing how to put forward a strong offer, so it can put you one step ahead of the competition.
10. Trust Your Instincts:
Lastly, trust your instincts when making a decision. If something doesn’t feel right about a property or the landlord, it’s important to listen to your gut feeling. Finding the right rental property is not just about the physical space but also about feeling comfortable and secure in your new home.