Calling all tenants – have you got the X Factor?
By 2016 demand for private rented accommodation could reach one in five households, resulting in a need for an additional 1.1 million rental homes, according to a recent report by Savills. With tenant demand sky high and fierce competition to secure a home, UK tenants need to present themselves in the most favorable light in order to secure a rental property.
James Davis, CEO of online lettings agent Upad and experienced landlord of 14 years comments,
“Demand for rental property just continues to rise; according to Cluttons, in London, rental demand will increase over the next decade but it looks unlikely that supply will match it and as a result, rents will continue to increase. With this in mind, competition among UK tenants is rife, it’s almost become like the X Factor so it is important that tenants realise what they need to do in order to ensure they’re picked.
“Upad received double the amount of calls from tenants last month compared to the start of the year and Rightmove’s rental stock is down c. 10% year on year. In September this year we had an average of 19 tenant enquiries for each property listed. This reflects the huge demand for rental properties and the key strength of Upad; generating tenant enquiries. Tenants need to act fast to put themselves in pole position.”
With monthly rents rising to an average £741 in England and Wales, a 3.2% increase on 2011 according to LSL Property Services, house and flat shares are becoming ever more popular as tenants seek out cheaper rooms.
Interestingly, according to SpareRoom.co.uk house shares with six or more bedrooms are the fastest growing property type in terms of supply and demand on their site and it’s easy to see why. According to rental figures from SpareRoom, UK room rents for two and three-bed flat and house shares cost an average £426 per month, while rooms in four to six bed house shares cost an average £397 per month. Meanwhile, a two bed flat share in London will cost around £809 per month but in a six bedroom house share it will cost just £710.
Davis remarks,
It’s interesting to see how tenants are trying to make savings. While living in a house share with five other people isn’t necessarily ideal for many, rents are often lower and bills are split between the household meaning that tenants will have more money in the bank every month. It’s easy to see why this is quickly becoming a favoured option for UK renters.
For UK tenants looking to make an impression, beat off competition and secure the perfect rental property why not take a look at Upad’s top tips.
1. Get your response in fast
Not only will this give you the best chance of the property still being available, it makes you look organised and serious about the property. Being on time for the viewing is also essential.
2. Talk to the Landlord
Always ensure you speak to the landlord on the phone before any viewing. This way you can make sure you´re a good match for the property before taking up everyone´s time.
3. Have your key questions prepared
Showing you know what´s important about the property to you gives you a more professional image. It also ensures you don´t forget anything essential.
4. Show appreciation of the property
Landlords will have invested time and energy (both emotional and physical) in their property. Telling them you love what they´ve done may go a long way in sealing the deal.
5. Be open
The more you´re willing to share about your life, your income, your plans etc (within reason!) the more confident the landlord will be in trusting their property to you.
6. Presentation
Don´t just make sure you´re smartly presented. This might sound strange but if you´re driving to the viewing make sure the car’s also clean and tidy. Many landlords will see how you keep your car as a good indication of how you´ll treat their beloved bricks and mortar.
As one of the UKs largest and fastest growing letting agencies, Upad specialise in helping professional tenants rent properties from landlords directly by allowing landlords to manage their own viewings. As a result, Upad receive around 20,000 tenant enquiries per month.
Upad offers a complete lettings service for a flat fee of only £299 (+ VAT) which includes professional photography and a floor plan, a ‘To Let’ board erected outside the property and advertising across all major UK lettings sites as well as comprehensive tenant referencing, drawing up of the tenancy agreement, deposit registration and crucially, rent collection. For more information please contact Upad, on 0333 240 1220. You can also visit www.upad.co.uk or the dedicated Facebook page https://www.facebook.com/upadUK.