Anybody that’s renting or looking to rent at the moment will have noticed just how competitive the market currently is. In many cases rental houses are going on the market and being let within days, it can be quite difficult to avoid a bidding war on your next rental property.
In especially busy areas it could even be the same day that houses are taken straight off the market.
It’s making things increasingly difficult for renters who are also experiencing the cost of living crisis, the fuel crisis and inflation. That being said, there’s a fairly wide expectation that in the coming months the market is set to cool a little, relieving some pressure.
There is no doubt there is some anxious about the rental market right now, with people looking at what they can do to get the most out of the market whilst watching their budgets and finding the best long term solutions.
That’s one of the main reasons we’ve continued to publish more articles about how to help during tough economic times, and here we’re discussing how to avoid disappointment when looking for a new rental property.
How to avoid a bidding war
According to an article on the BBC website, the shortage of rental properties in some areas is leading to bidding wars.
In an article by Rebecca Wearn, she says “As well as having to put up more cash in advance, tenants are offering landlords CVs for their children and photos of their well-behaved dogs.
That’s because a shortage of available homes is pushing up monthly rents, deposits and leading to bidding wars.
Industry body Propertymark says the number of rentals on the books of lettings agencies has fallen sharply.
Propertymark surveyed over 440 letting agency businesses, spread across 4,000 branches UK-wide and found that on average, letting agents have seen the number of available rentals on their books halve, from over 30 to just 15.”
Whilst this may seem like an extreme example, it represents a hectic reality for many who are struggling to make the move whilst there is such high demand.
So what can you, as a renter, do to prevent yourself getting sucked into one of these bidding wars?
The key is preparation and getting into contact with estate agents as early as possible. First and foremost, once you know your current tenancy is coming to an end and you know you want to move, speak to agents and letting companies in the area you’re looking in, and let them know what you’re looking for.
The chances are they’ll know when properties may be coming on to the market and let you know in advance so that you can be prepared. If you leave things to the last minute then you’re more than likely going to be competing with more people than you intended.
If you’re likely to be looking for rental property in the near future why not get in touch with us today?