Rental market news, and five top tips to help you secure a rental property
29th November 2023
29th November 2023
What’s happening with the current rental market?
If you’re looking for a new home to let, you may already have first-hand experience of how busy the market is right now. In the past two years, average rental prices have kept rising, and more people are looking to rent homes than there have been properties available. In fact, the number of tenants looking to move now, compared to 2019, has increased by more than 40%, while the number of available homes to rent has dropped by 35%.
What factors have caused this demand?
As mortgage rates began to rise towards the end of 2022, and early 2023, some landlords decided to sell rather than continue letting out properties. The shortage of available rental properties to meet the levels of tenant demand is one of the reasons why rental prices keep rising. As a result, letting agents are now receiving an average of 25 email and phone enquiries from prospective tenants for every home available to rent.
What are the statistics behind the London rental market?
Average rents in London have risen to a new record of £2,627 pcm, up 12.1% compared to a year ago.
How can I be in the best situation if I’m looking to rent somewhere new soon?
In such a busy rental market, it can helpful to be in a position to act quickly to give yourself the best chance of getting the property you want. Here are five top tips to help you secure a home:
1. Move fast to set up a viewing
Set up instant property alerts on Rightmove, and make yourself known to local estate agents, to ensure you’re one of the first to know about a newly listed property.
2. Lay out your non-negotiables
This includes your maximum budget, how many rooms you need, if you want outside space or not, and how long you’re planning on staying at the property. This will help keep the focus solely on properties that are right for you.
3. Be flexible where you can
Being open to different move-in dates is tricky, but it can be an attractive addition to a tenant application.
4. Be as organised as possible
Have your finances and documentation ready, so that you can move through the tenancy application process smoothly and quickly. This will ultimaely save time too.
5. Widen your search, if you can
Home-hunters are increasingly looking outside of what were once considered traditional hotspots, for example, Central Richmond, when looking for their next property. Expanding your search could open up more options to find other available properties, and you could potentially find cheaper homes, too.
Edited from Rightmove.