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

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.