More Tenants on the Move

Sunday, October 30, 2011

In response to the news that Homelet has seen a 17% year-on-year increase in tenant referencing, Ian Potter, operations manager at ARLA, said:

"The latest news from Homelet supports our evidence that the PRS is reaching its limits as demand for homes soars. Our latest research shows that the number of agents reporting more tenants than properties has reached the highest level since records began.

"For tenants, this means that there is often huge competition for every property and it is therefore vital that consumers take steps to ensure they are able to find a property that fits their needs."

ARLA recommends the following for anyone looking to secure a rental property in the current market:

Work out your true priorities

Before booking viewings, set in place key 'deal-breakers' as well as areas for compromise. Knowing what things you're willing to be flexible on can aid the decision-making process and help your agent select properties to suit your specific needs.

Be prepared to make a prompt decision

With the best properties often being let quickly, it is important to be able to make a swift and informed decision. However, it it's even more important not to feel pressured into accepting a property that does not fit your agreed standards - quick decisions are different to rushed decisions.

Don't go it alone

As the adage goes, a problem shared is a problem halved, which is why it can be useful to bring a friend or family member along to any viewings for that crucial second opinion. Further to this, using an agent can make the process easier. Licensed ARLA members have industry-leading market knowledge, and are regulated - giving you access to client money protection and a redress scheme - as well as an informed opinion

Get a flavour of the local market

If you are moving to a new part of town, check it out on foot to get a feel for the area before you begin your search. It is also a good idea to conduct online research into average rents for the area early-on to build up a picture of likely prices and adjust your own expectations - or budget - accordingly.

Get your house in order

If possible, try to get your references and deposit ready before beginning your search, to minimise delays once you have found the property you wish to rent.