How to secure a property in a competitive rental market
- 14th March 2022
- Renting Property News
Steps prospective renters can take to get ahead of the competition
The end of Covid restrictions has prompted a surge of enquiries from prospective tenants moving to London. Demand for rental properties is far outstripping supply, meaning agents and landlords are receiving, in some cases huge numbers of enquiries for single listings.
To get ahead of the competition and avoid missing out on the perfect home, renters are advised to have the necessary documentation in place, as well as their finances sorted, before they even start to look. This way, they will be well-positioned to put in an offer straight away to secure the ideal property.
In order to do this, renters should know how much money is required upfront and have this ready to use. Renters will often need a weeks rent to act as a holding deposit for any property they wish to offer on. In addition, Renters should be aware that they will be required to pay the first months rent and up to 5 weeks rent as a tenancy deposit following release of the tenancy agreement.
The documents they will need include a photo ID such as a passport or driving licence for proof of identity, which will need to be shown to landlords so that they can carry out right to rent checks. They will also require a utility bill or bank statement (dated within the last 3 months) to act as a proof of residency verification. On top of this, Tenants will commonly be asked to provide bank statements to prove earnings for affordability checks. Having all of these documents to hand will help speed up the referencing process.
Another step renters may take to help speed things along is to contact their referees beforehand to make them aware that they will be contacted by a letting agent and ensure that they are in a position to respond in a timely manner.
Landlords may be more willing to rent to people who are able to move in quickly, so being flexible with move-in dates may be a benefit.
Stephen Ludlow, Chairman at ludlowthompson says: “The rental market is incredibly competitive right now, which means renters should be prepared so that they do not miss out on in-demand properties.”
“Little things, such as showing up to viewings on time, taking off shoes when entering a property, can make all the difference in a competitive marketplace.”
“Renters also have to be prepared to be persistent in their search. Even though it can be incredibly frustrating to miss out on a property, it’s important to not lose heart. High-quality rentals are coming on the market frequently, but they are being snapped up just as quickly.”
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Carole N via Google Reviews:
The proposed properties were always in-line with our requirements and correctly priced. Ludlowthompson is super responsive both via email and the phone. If you're looking for a letting agent to confide in and work together with, they are what you need.
Mergen J via Google Reviews:
It was really difficult finding a property in this hectic market but they made the process easy and swift for us. Ludlowthompson are responsible, responsive and professional. Thank you, guys.
The rental market is incredibly competitive right now, which means renters should be prepared so that they do not miss out on in-demand properties
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