According to data just released, (18 Sept 23), by Hamptons estate agents: “Residential rents across Britain are rising at their fastest on record”.
This is due to high interest rates shutting out would-be buyers and pushing up the costs for landlords. Rising demand from tenants has also been pushing up rental costs.
Hamptons reports that the average rate of annual rental growth on a newly-let property hit 12.0% in August which is the fastest growth since its index started in 2014. As Head of Research, Aneisha Beveridge, at Hamptons, commented: “Each passing month has ushered in a new rental market record. Rents have risen more in the last 12 months than they did between 2015 and 2019”.
With such economic pressures severely impacting the supply on rental properties, it is no surprise that finding rental properties in the current rental market is challenging.
Competition among renters is so intense that there are 20 requests to view each available property, according to data commissioned by the BBC. The queue to view is longer in some regions, reaching 30 in the north west of England. In fact, the average number of requests to view each property has more than tripled from six in 2019, according to figures from Rightmove.
However, with the right strategies and resources, you can increase your chances of success. Here are some tips to help you find rental properties in a competitive rental market:
- Start early: Begin your search well in advance of your desired move-in date. Some rentals come to the market with two to three months advance notice.
- Online research: Set up alerts on property search engines. You will be notified each time that a new rental meets your criteria. Popular websites include Rightmove, Zoopla, Primelocation, On The Market etc.
- Work with Letting Agents: Speak to as many local letting agents as you can in your chosen area. Ask them what they have they got coming up that could suit your requirements. Tenants often give plenty of notice as to whether they will be renewing, so Letting Agents will know in advance which properties will be coming up.
- Network: Let friends, family and colleagues know you’re in the market for a rental property. They might be aware of available properties or know someone who is looking for a tenant.
- Social media groups: Join local Facebook groups or other social media communities where there are often posts advertising available rental properties. Some areas have dedicated groups for this purpose.
- Be prepared: Have your financial documents and references at the ready. If you are employed, you will need to show a total annual income of at least 30 times the monthly rent. For example, if the monthly rent is £900 you need to prove earnings of £27,000. You will need to provide contact details of your employer so that your company can confirm your salary. Being prepared to apply quickly can give you an advantage in a competitive market.
- Consider off-peak times: This is not always possible, but try to move during the off-peak rental season. In many places, this is during the winter months when there is less demand, and landlords may be more flexible with terms and pricing.
- Expand your search: Be open to considering slightly different areas or property types to increase your options.
- Be flexible: If you find a property that meets most of your criteria, consider making a few compromises, such as the move-in date or rental amount.
- Hire a relocation company: Local knowledge and long-standing contacts with landlords and estate agents puts relocation consultants in a great position to seek out rental options. This includes off-market options.
- Persistence and quick reactions. Remember that in a competitive rental market persistence and quick action are essential. Don’t get discouraged if you face rejection or overwhelming competition for a property. If letting agents know that you are committed, they will look to promote you to landlords in a competitive market. Be persistent and keep searching and applying until you find the right rental property that suits your needs.
If you would like help with your rental search please do get in touch. Call 01494 672086 or email enquiries@chilternrelocation.com or visit www.chilternrelocation.com
