The renting market is a fragmented one but not everyone can afford to buy a house or get a mortgage.
There are lots of Brits looking for a property in London, not just those that already live in or near the city. Other city dwellers looking for a place in the Big Smoke include:
So here are the top tips from the CEO of Movebubble, the property renting app, to help you get the best deal possible and how not to be held to ransom by landlords! And it doesn’t just apply to London either…
Get the best price
Don’t take the agent’s first price, why not make an offer! If the property is listed with multiple agents, you’re in a good position to negotiate on fees and might just get a bit of money off.
Be a detective
Is the property empty? Has it been on the market a while? Asking yourself these sorts of questions could help you get a good deal. No landlord wants to leave their property empty, and the agents only get paid once the property has been let!
Consider lesser known areas
You may be searching in Greenwich or Chelsea, but so is everyone else, which drives up market prices. Look around at alternative areas that could be suitable, because you may find what you're looking for for a whole lot cheaper!
Consider newly built homes
You can get a great deal on newly built properties as the developer has just put a load of money into the home, and will be keen to let it as soon as possible.
Promote yourself
Be confident, talk openly about your secure job and show the agent you’re ready to move in now. This ultimately helps the agent persuade the landlord that you’re the right person to rent the property.
Timing is everything
Movebubble considers the busiest times to be from April to October, and fewer renters will mean better deals - so between December and February is the best time to be looking apparently.
Avoid Saturday viewings
Everyone goes to a viewing on their day off and this helps agents create the illusion of a demand on the property, which could lead you to rush into a decision and compromise what you can actually afford.
If it has to be a Saturday, try for an early morning appointment.
Avoid basement flats
Sure they’re not all that bad, but according to Movebubble they tend to be the places that mostly have had damp issues, and of course less natural light.
Chat to the current renter
If you can get in touch with them you can find out a bit more about what you're buying into - i.e. the neighbours, what's in the local area and of course, what the landlord is like.
Minimise risk of repairs
When viewing the property, check out the heating system - is it warm? Will it be expensive on energy bills? What about the general state of repair? As you probably know, organising repairs with the landlord can be time consuming and costly, so if it looks like somewhere that would need a lot of work, it's probably best to move on to the next one.
Get the inventory up front
Most agents will have this from the previous tenancy. Don’t let them be vague on what’s included, so you can put aside funds for any furniture you’ll be buying. Sometimes, you can negotiate with the landlord if you want them to provide something essential like a bed, so it's worth asking!