Renters who aren’t ‘rent ready’ face tough competition

Renters who aren’t ‘rent ready’ face tough competition

0:05 AM, 14th November 2024, About 3 weeks ago 2

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A third of renters are struggling to secure properties due to a lack of preparedness – despite fierce competition in the rental market, research reveals.

A study by tlyfe, a tenant app launched by OpenBrix, revealed that while many renters are knowledgeable about location and budget, they often lack essential elements to be considered ‘rent ready’.

A significant number of renters have yet to save a deposit, gather references or be immediately available to move when they apply.

This lack of readiness puts them at a significant disadvantage, the firm says.

Rents continue to spiral

The chief executive of OpenBrix, Adam Pigott, said: “Rental prices continue to spiral and this increase is being driven by high demand and an insufficient level of stock to meet said demand.

“As a result, the rental application landscape is fiercely competitive and simply applying for a rental property isn’t enough to see you secure one.”

He adds: “Despite this, a large number of tenants are entering the market unprepared, having failed to accumulate a deposit, organise paperwork and, in some cases, they aren’t even ready to make their move immediately.

“This failure to prepare will put you at a severe disadvantage and will often see you overlooked by lettings agents.”

Commit to a longer tenancy

The study also found that 90% of tenants were prepared to commit to a longer tenancy to secure a rental property and 32% didn’t have a deposit ready.

Also, 45% had no references prepared from a previous landlord or letting agent.

A separate study of agents found 83% of t hem would describe the rental sector as ‘extremely competitive’.

And 25% said each rental home had at least 10 applicants – leading to 98% of letting agents saying it’s important that tenants be able to move immediately when looking to rent.

Also, 98% said it was important to be ‘rent ready’ when it comes to deposits and paperwork and 91% say that by doing so the applicant would be prioritised when applying for a property.


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Cider Drinker

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9:34 AM, 15th November 2024, About 3 weeks ago

For tenants to be ready to move immediately would require them to be first time renters, or able to pay rent for two properties during the notice period for the old property. This could be almost two months already depending on the terms of the contract and the date on which notice is given. Labour pan yo add another month with the Renters Rights Bill.

Vibha Spal

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9:34 AM, 16th November 2024, About 2 weeks ago

There are a lot of people for each property. A lot of renters have not got a budget. They wish to view the property and try their luck to reduce the rent. Advertised rent is what is needed.

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