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Securing Rental Property In Competitive Areas

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Securing Rental Property In Competitive Areas

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Securing Rental Property In Competitive Areas

Recently I have been reading over and over how agents and landlords are pushing up rental prices. Whilst they may all be happy with the ‘loadsa money’ they are currently making, the story may be somewhat different a few months down the line. Continually pushing rent up along with extra fees etc may make your profit soar in the short term, but what about the long term? Greed has taken over the rental market, just as it did with sales.

Rent Defaults

For prospective tenants in competitive areas securing a rental property has become a bit of a nightmare. The knock on effect of ever increasing rents is rapidly rising arrears and default figures. In August rent arrears rose to 10.7% across the UK. It represents a rise of 1.7% in a single month, with an estimated £300m now owed in late rent.

If you are a landlord arrears are bad news. Voids may have dissipated due to high demand, however, new and higher agency fees have increased hugely. Even if you manage your own properties, bigger tenant flows mean more advertising, or potential eviction costs along with arrears shortfalls.

Improve Your Search Offline

To secure your rental property in this competitive market you will need to think more laterally. The obvious places will all be saturated with requests, so you need to seek out other possibilities.

You need to go straight to the horses mouth and cut out the middle man agent. The key tip is to find local landlords and go direct. People who deal with landlords on a regular basis have contacts you can plunder such as; EPC providers, Estate agents, surveyors, trades people, lawyers, mortgage brokers, IFAs or property management companies. Big supermarket notice boards and the free newspaper “Loot” (now online) is also a good place to look for private ads from landlords.

You can check local property press for private landlords who are advertising, and don’t forget, even if they have nothing available, ask if they know someone who might. Most landlords know other landlords which could lead you to that elusive rental. Take a drive around the area to see if you can spot any properties being tarted up, they may be getting it ready for rent. Drop a note in or stop by and ask.

There are hundreds of property based networking groups around the country. Find one in your area and go along to meet some local landlords.

Social Media & Web

Twitter and LinkedIn have great advanced search tools, and the rather excellent web site www.filtertweeps.com is great for finding products and services amongst twitter users. LinkedIn has many landlord groups, by responding to group discussions or by starting one it can bring you to the attention of those who could help.

Look for sites where landlords hang out and see if you can find any direct contact information, for example SpareRoom, EasyRoomMate, Tepilo, RoomBuddies, Gumtree, landlord forums, and lastly classified ads on Ebay.( Yes people really do buy, sell and rent property on Ebay!)

Finally, when seeking the elusive property rental in such a competitive market don’t dismiss holiday lets. It’s the time of year when holiday lettings slow down, and in this tough market it could be worth asking if someone will rent you their holiday cottage on a long term let instead. You never know until you ask.

Our ethos is to help people to really understand property investing without all the guff and marketing hype and bias. We are proud to be wholly independent and ethical. No nonsense advice about tax, pensions, property investment and finance via our blogs and social media channels.
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Janet Trowell Discountletting.co.uk Join me on Twitter LinkedIn Google plus

By editor|September 27th, 2022|Categories: Mentor Moments, UK Property Market Comment|Tags: Areas, Competitive, property, rental, Securing|0 Comments

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