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Are you searching in a rental hotspot?
If you’re currently looking to rent a new home but finding that there’s a million and one people at every viewing you go to, it might be that you’re searching in a rental hotspot. Demand for rental properties across the UK is at an all-time high, according to Rightmove, who claim that there’s been a 76% increase in email enquiries sent from eager home-hunters to letting agents in the past year.
Because of this high demand, many landlords are having the luxury of being able to take their pick from a raft of applications, meaning that it can be hard to secure a property you like.
Most in demand rental areas in each region*
Average asking rent per month in 2014
|Average asking rent per month in 2015||% Difference|
|East of England||Stevenage||£748||£833||11.3%|
|Yorkshire and the Humber||Pudsey||£584||£554||-5.2%|
Increase your chances
If you find that you keep missing out on rental properties at the application stage then there a number of things you could try to hopefully increase your chances of being successful.
- Apply as soon as you can – there might be paper application forms you can fill out while you’re at a viewing and hand to the person showing you round, or alternatively you could email your application across to their office.
- Give your references when you apply – so attach to the email or hand in a paper copy with your form.
- Be ready to move into the property pronto and have your deposit money available so you can get things moving as soon as you get the green light.
- Make sure your credit history is as good as it can be, e.g. check what the credit reference agencies hold on you, get any errors corrected and cancel any credit cards you don’t use. For more information on how to go about this, click here >
Word of warning
Signing any lease is a big commitment so you need to be confident you will be able to afford not only your rent but all your other bills every month until the contract ends. If you’re upgrading to a larger property (or one in a different area) you may want to check what council tax band your new home will be in. Larger properties generally mean larger utility bills so this is something you need to consider and it’s important to check the Energy Performance Certificate (EPC) of any property you look at as a lower score it likely to mean higher energy bills.
If you are growing tired of renting and would love to own your own property then you might be interested in our recent blog on how the Help to Buy schemes could work for you.
*according to Rightmove.