Strategies on how to Secure a Rental Property in a Competitive Market

The demand for rental properties in the UK is high at the moment, with each rental property now receiving an average of 11 rental applications compared to the 6 seen in 2019. Demand is outweighing supply, making renting increasingly competitive. Being prepared is key to beating the competition for prospective tenants looking to find their ideal rental property.

In this article, we will go through the different strategies that will help increase your chances of securing the property you want.

How to find rental properties

Before we jump into the different strategies of how to secure a rental property, it’s important to know how to find rental properties that are right for you. Prior to starting your property search, make sure you think about your budget and how much you can afford to spend per month/week, the location of where you want to live and what size you want your rental property to be. Once you’re clear on your requirements, you’re ready to start your search.

Use reputable property listing sites and mobile apps that allow you to set up email alerts for new listings that match your criteria. Make sure to reach out to local letting agents who specialise in rentals and can provide you with valuable insights about the local rental market.

How to secure a rental property

It’s essential to adopt smart strategies to stand out as a prospective tenant. From keeping your options open to building an attractive rental profile, here are four tips to help you secure your ideal rental property and stay ahead of the competition.

1. Search for properties regularly and keep your options open

When searching for a rental property, it’s important that you’re regularly checking the rental market, and try not to grow too attached to one property in particular. Diversify your options and apply to a large number of rental properties as this will increase your chances of hearing back.

If you find a property that you like, act fast! With rental applications increasing and properties being in high demand, delaying your application may result in losing out. Making multiple rental applications means that you may be offered multiple viewings, giving you the chance to inspect the property before committing to renting it.

2. Make sure your documents are prepared

Having all relevant documents in order before viewing a property can make all the difference as landlords and letting agents are looking for tenants who can move quickly. Being prepared also means that when a new listing appears, you can apply quicker, which can increase your chances of appearing at the top of the list. When viewing a property, make sure to take your documents with you, so that if you love it, you can act fast!

Essential documents to prepare include:

  • Proof of income e.g. payslips.
  • A copy of your passport or driving licence.
  • A recent utility bill or bank statement showing your current address.
  • Previous landlord references.
  • Your credit score report (if requested).

3. Build an attractive rental profile

The competitive rental market means that landlords have a lot of applicants to choose from, so making yourself a strong tenant can help increase the chance of your rental application being chosen. To build your rental profile, include details about your stable employment history, strong rental history, and responsible financial habits.

To be a more attractive candidate, consider being flexible with the contract and the landlord’s preferences where possible. This may mean accommodating their move-in dates, and whether or not you want the property furnished or unfurnished. You could also consider signing a longer contract; most landlords prefer to have long-term tenants as it means greater security for them, as well as yourself.

4. Build a good relationship with a letting agent

Get in touch with a good local letting agent and let them know what kind of rental property you’re looking for. Being on their books and having a relationship with them means they’ll be able to contact you as soon as a suitable rental property becomes available, helping you get ahead of the competition.

To help build a good relationship, be polite, prompt, and respond quickly to calls and emails. Make sure you’re on time for any viewings and show appreciation for their help. A good relationship with a letting agent can go a long way!

Discover your perfect rental home with Aspire to Move

The rental market in the UK is becoming more competitive than ever, but with the right strategies, preparation and mindset, you can position yourself ahead of the pack. At Aspire to Move, we can help prospective tenants navigate through the rental market and find the perfect rental home. If you’d like to find out more get in touch with us today!

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