Renters seem to be everywhere these days, especially in London, where renters now outnumber homeowners. Generation rent has come to the fore and is one of an essential component in the property industry, with London leading the way.
While the new focus on the roles renters play in the market is good news and has led to positive outcomes like the tenants’ fee ban, an increase in numbers brings with it more demands. Renting in London is competitive, and many people are taking on a property after the first viewing, nipping competition firmly in the bud.
But there are ways that you can get a head start in the rental market and "jump the queue", as they say. We have put together some tips, suggestions and the odd trick to make getting the keys to your home that little bit easier.
Know Your Area
London is a big place and is broken up into many boroughs and areas, giving you plenty of choices. However, too many options may lead to indecision. Before you know it, someone else has snapped up that two-bedroom apartment with a terrace in Putney because you took too long contemplating whether there were enough coffee shops.
Before you start your property search, decide on one or two areas that you want to call home. Those who are moving from outside of London will benefit from doing some initial research, finding out what each area offers and making a decision based on the ones that best fit their circumstances.
Start Your Search Early. But Not Too Early
Winning in the rental market and finding that must-have property is no easy feat. If you start your search too early, properties will likely let before the move-in date. Start it too late, however, and you might end up picking somewhere out of panic because you need to be in your new home by a specific date.
Begin your search a month or so early, monitoring the type of properties that go on the market. You will see which ones go quickly and the ones that stay on the market for longer. When it comes to finding your property, you will already have a good idea of what to expect - which will provide a confidence boost when arranging viewings and negotiating.
Arrange Viewings as Quickly as Possible
When you do find a place that you like and are ready to move, don’t have any hesitations. Instead, arrange the viewing straight away and go and see the property as soon as possible. Otherwise someone else will get in there before you and end up sitting in that corner sofa in the living room with period features.
Time constraints and a busy work schedule play a part in stopping you from viewing a property but try and arrange a viewing within 24 hours of first seeing the listing. Doing so will push you ahead of the queue and put you in the driving seat.
So you have viewed the property, and you love it! The offer has gone in, and it’s been accepted. The next part of the process is one of the most crucial and is where most deals break down. Whether through bad referencing or not providing the right documents, many deals can go south after initially being green-lit.
Make sure that you have all the necessary documentation prepared so that you can rubber stamp the deal quickly. Line up referencing beforehand and check your credit rating to make sure everything is in order. Renting a flat isn’t like getting a mortgage, where the computer can literally say ‘no’. The decision comes down to the landlord, which is why it’s best to get the process running smoothly and quickly.
Communication is one of the most significant factors in securing a new home. The Movebubble app lets you make offers on a property and have direct one-to-one conversations with agents. No more finding a million different ways to contact the agent - just an easy messaging service.
Fast and more transparent communication means that you can ask questions about the property and get a swift response from the best agents. Our Just Move In service also gets covers many of the particulars that need sorting out, from council tax to insurance and more.
Winning the Rental Race
London’s rental market might be one of the most competitive in the country, but if you are well prepared and take our tips into account, you can find a home that is the perfect fit. Be alert, familiarise yourself with the market and use the trusty Movebubble app to win the rental race in London.