One third of renters aren’t able make their move straight away, despite the high level of competition they face, a survey suggests.
Some 89% of renters surveyed by the app tlyfe said that when undertaking their search for a property they knew exactly where they wanted to live, whilst 91% had a clear idea on exactly how much they could afford to spend.
However, whilst 90% were prepared to commit to a longer tenancy in order to secure a rental property, as many as 34% stated they weren’t ready to make their move right away, 32% didn’t have a rental deposit already saved and as many as 45% had no references prepared from a previous landlord or letting agent.
The survey also suggests that the inability to act immediately is putting tenants at a severe disadvantage when it comes to the search for a rental property.
In fact, a secondary survey of letting agents, also conducted by tlyfe, found that 83% would describe the rental sector as extremely competitive.
When asked how many tenants they had applying for each rental property, the majority (25%), stated it was 10 or more.
Usurprisingly 98% of letting agents said it was important that tenants were able to move immediately when looking to rent.
And 98% also stated that it was important to be ‘rent ready’ when it comes to deposits and paperwork: 91% of letting agents revealed that, in doing so, you are more likely to be prioritised when applying for a property.
This article is taken from Landlord Today