The Rental Race

12 June 2024

Intense competition amongst tenants is driving a rapid race to secure a tenancy as properties are marketed for less time.

Tenants’ struggles

Two-bedroom rental properties are now listed on Zoopla for an average of just 25 days, which is approximately 10 days shorter than the pre-pandemic norm.* Despite setting up property alerts on Rightmove, prospective tenants frequently miss out on viewings, particularly when the only available slots are during working hours. For those who do secure a viewing, the intense demand and limited supply of rental properties frequently force them to make a snap decision on whether to be put forward as a perspective tenant.

Looking forward

The situation is unlikely to change anytime soon due to a limited number of homes entering the market. A survey by the National Residential Landlords Association (NRLA) found that 31% of its members plan to reduce the number of properties they rent out, while only 9% intend to expand their rental offerings. It is in no surprise increased investment is necessary to make more homes available for rent. In positive news, the association also suggested that guarantor agreements could be beneficial for tenants who might otherwise find it difficult to secure rental accommodation.

How tenants can be ready to move

There are several ways to help a tenant secure a rental property, listed below are a few suggestions:

1.  Start looking early and plan ahead

2. Register with a selection of local agents

3. Know your affordability

4. Have your deposit amount ready (usually calculated as 5 weeks rent)

5. Keep an eye on agents’ websites and social media as sometimes they advertise there before Rightmove.

* reported by estate agency Savills

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