Has being chosen for that rented property become much like online dating?
Property matchmaking
Potential clients often ask me why they keep missing out on the rental they’ve gone after. And what are they doing wrong? And how can I help?
Sadly, the simple answer is that there is too much competition out there – much like how many of my single friends feel about dating apps. There are too many people going after too few decent properties – just insert women/men/people in that sentence, and you’ll see where they are coming from.
The rental market in the UK has never been harder. The supply has dwindled as landlords constrained by rising interest rates have left the market. According to Rightmove, for every available rental property, there are 22 tenants hoping to secure it. And even if you’re happy to house-share, there are still six applicants per listing.
Securing that rental
So, how do you stand out from the competition when you are trying to find a decent rental?
You can do a few simple things to stand out from the crowd. And as a landlord myself, I know what I’m talking about.
Most landlords want proof that you can pay on time (and not miss a payment) and not destroy the property. So a reference from a previous landlord, as well as details of your salary/6 months of bank statements to ensure you the payments, as well as a hefty deposit, is the basics you will require. There really is no point in lying about the above, as any landlord will find out when they do their background checks. And honesty and integrity are a massive tick for any landlord.
But landlords currently have a large pool to choose from, so what else can prospective tenants do to stand out? Pay over the asking rental price? The market is moving so quickly that if you can afford to pay slightly more, it will give you an advantage to secure it. But as easy as it is to get tempted to offer more on a property you desperately want – be sensible.
What about if you’re in the fortunate position of being able to offer the full 12 months rent upfront? This is the most attractive option for most landlords, especially if they need an upfront lump sum to refurb other rentals they have or the guarantee of no missed payments. But very few people looking for a rental are in that position, and landlords know this, so by no means would expect this.
Always remember - time is money to any landlord. They want the property occupied and generating incoming ASAP. So, once you find the property you want, act quickly. Therefore, be prepared in advance with all the relevant documents and deposit ready to go. The quicker you act the more likely you are to be the chosen one!