Trying to find a rental apartment in today’s market and beating your competitors to your doorstep can feel like an unrelenting race that you will never win.
According to real estate website Zoopla, the number of available rental properties has fallen by a third since before the pandemic.
So, with demand this strong, what can you do to secure your new home?
Most people know the importance of having a good credit rating and a secure deposit.
But how do you avoid the bidding wars and huge open house lines and get a landlord to choose you and not someone else?
If you’re new to the rental race, we asked agents and landlords to tell us that we’ve impressed them the most and that those looking for a rental property stand out from the crowd.
According to Rightmove, as of early 2023, 70% of rental listings received an email inquiry from a prospective tenant wanting to view a property within the first day of listing on the website.
His real estate expert Tim Bannister said: “Renters need to do their homework and decide what they really want from a home so they can be targeted – online, with agents, friends and family.
“Then when instant alerts come in, they can move quickly and get to the front of the queue. Be focused and ready. Being first doesn’t necessarily guarantee you ownership, but it will help.”
Action group Generation Miete agreed. Spokesman Dan Wilson Craw said it’s important to know what the property needs to have, such as storage for a bicycle or a washing machine already installed.
“So if you look at a property that meets all the criteria, you can apply for a lease right away,” he said.
The wealth of information helps landlords and brokers when choosing a tenant.
Rightmove’s Tim Bannister said: “This means making sure you have as much information as possible, for example multiple references with available contacts.
“Be clear about your circumstances and how flexible you can be with your schedules. Be open and provide clarity. The more you can do to work with a landlord, the better.”
Generation Rent said prospective renters would need to provide proof of their income in addition to depositing a week’s rent deposit in their account.
This includes letting your employer and current landlord know they need to provide a reference.
If you’ve exhausted your time trying to find a rental in your perfect area, try to think outside the box. According to Zoopla, a traveltime search can bring more properties to your orbit that you might not have considered.
Geographically, a home might seem too far away, but its travel time might be quicker than you thought. This can broaden your search into cheaper areas or slower rental markets.
Mr Bannister said searches for rental apartments on Rightmove have expanded since the pandemic, with many reaching the size of Manhattan in New York, approximately 50 km2 (19.3 m2).
Victoria Tolmie-Loverseed helps students find housing at Unipol, a charity based in Bradford, Leeds and Nottingham.
Increasing student numbers unmatched by increased housing supply has created a crisis for young people, often living away from home for the first time.
“Be flexible about where you want to live, cast your net further into non-student areas and be willing to travel a bit further,” Ms Tolmie-Loverseed said.
“Know your budget, get your bail sorted, know who your guarantor will be,” she added.
Add Comment