Sort Your Finances

Posted on: 16 November 2022

 

7 ways to beat the competition and win the race to rent a home

By Ellie Isaac

07 July 2022

Here's how to boost your chances of getting the rental flat or house you really want.

Key takeaways

  • Set up alerts to be the first to hear about new rental properties

  • Sort the money and paperwork so you’re ready to move quickly

  • Be flexible with viewings and make a good impression when you turn up

 

The rental market’s busier than ever, and you might be finding it hard to land a new home.

Whether it’s your first time renting or you’re moving to a new home, here are some ways you can boost your chances.

1. Set up alerts to be the first to know about new rental homes

If it seems like you’ve seen everything that’s on the market, set up an alert for your search.

You’ll be the first to hear about new rentals that suit you.

You can choose to get your email alerts as soon as a home comes up for rent. Or you can go for daily or weekly emails. It’s totally up to you.

If you’re the first to hear about it, you can be the first to view it.

And that gives you a way better chance of securing it.

Set up alerts.

You’re probably already searching high and wide for the perfect rental home.

But a travel time search can help you find homes you might not have considered.

A home that looks too far away might have a quicker travel time than you thought.

It could open your search up to more homes, cheaper areas or slower-paced rental markets.

Search for a rental by travel time.

3. Sort your finances

Having the money side of things in order can get you ahead.

It’ll look good to the landlord or letting agent, and help you move faster with a rental.

Make sure you know how much money you’ll need to secure the rental. 

To secure a rental home, you’ll usually need to pay a holding deposit, a security deposit and upfront rent.

The holding deposit

A holding deposit secures the rental home for you while the agent checks your references.

It’s usually one week’s rent. Once you’ve paid it, they can’t let the property to anyone else.

And when you reach agreement to move in, the holding deposit should be taken off the rest of the money you pay. That could be either the rent or the deposit.

Upfront rent

The upfront rent is usually one month, but check your rental agreement. Some landlords charge more than one month.

It’s likely to be more than one month if you have a low credit score or poor references.

The deposit

The deposit can be up to five weeks’ rent.

If your rent is more than £50,000 a year, it usually goes up to six weeks’ rent.

The landlord or agent has to put your deposit in a government protection scheme. Make sure you get written details of this scheme.

And get a receipt for your deposit, as well as written details of what will happen to it if you back out of the rental.

You’ll get your deposit back when you move out, but the landlord can use it to pay for any damage. 

They can also keep some of it if you haven’t paid all your rent.

Make sure your money’s safe

There are some golden rules for keeping your money safe when renting a new home.

To stay safe, you should:

  • view the property before making any payment

  • get the landlord and letting agent’s contact details in writing. They can’t refuse to give these to you.

  • avoid paying anything in cash

  • get receipts and written confirmation of the deposit protection scheme.

The complete guide to rental costs.

4. Have your paperwork ready to go

You’ll usually need references from your employer, a previous landlord and your bank.

Give these people a heads up that you’ll need references from them. It might be by phone or a written reference. If they’re ready for it, there’s a smaller chance of delays.

You’ll also need to provide ID. You can use your driver’s licence or passport, or you might be asked for both.

Make sure you have bank statements and a utility bill from your current address ready as well.

If you’re renting with other people, make sure they’ve got all these things sorted out too.

What reference checks do landlords do?

5. Be available to view rentals at the drop of a hat

Lots of people can only view rental homes in the evening or at the weekend. 

So if you can view properties during normal working hours, you could get ahead.

If you’re renting with a partner or friends, see if you can work out a rota. That will mean at least one of you can view the home as soon as it pops up.

It might be that you could do daytime viewings at the start of the week. Your partner could do it at the end of the week.

Or you can divide and conquer. You could each view different properties on the same day.

But try to make sure you all see the rental home before you make a decision.

Have our rental viewing checklist to hand. It’ll help you make sure the home’s got everything you want.

6. Turn up on time and be presentable at your viewings

Landlords and agents want to know that tenants will look after the property.

Just by turning up on time and looking presentable will give a good first impression.

If you're late, you might have your viewing cut short by the next person turning up.

Be sure to plan your route so you know exactly where you’re going and how to get there. If you’re visiting during rush hour, keep it mind that it might take longer.

And if you’re viewing as a group, see if you can meet up in advance and arrive together. It looks more organised than showing up in dribs and drabs.

If you think you’re going to be late, don't forget to phone the landlord or agent and let them know.

8. Ask questions about the property and process

Asking questions will show you’re interested and you've done your research.

It can help you build rapport and get off on the right foot.

So even if you don’t land that rental home, you’ve got the letting agent on your side.

They’ll be able to keep you on their database and let you know about future rental homes on their books.

11 questions to ask letting agents at viewings.

 

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Sold house prices provided by Land Registry/Registers of Scotland. © Crown copyright 2022. Our website is completely free for you to use but we may receive a commission from some of the companies we link to on the site. *Zoopla Limited is an appointed representative of Uswitch Limited which is authorised and regulated by the Financial Conduct Authority (FRN 312850) to provide this mortgage comparison service and incorporated with company registration number 06074771 and registered office at The Cooperage, 5 Copper Row, London SE1 2LH. **Uswitch Limited is authorised and regulated by the Financial Conduct Authority (FCA) under firm reference number 312850

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