New research suggests that the rental market remains strong, despite a string of challenges for landlords.
Against a backdrop of rents climbing by an average of 8% a year according to government figures, the new survey – by an app called tylfe – found that the average tenant spends two and a half months searching for a rental property and, in a fiercely competitive market, they need to apply for at least two properties before they are able to secure a roof over their head.
When asked what the main factors were in failing to secure a rental property, the number one reason was that the property in question had already been let by the time they applied.
The second biggest issue faced was that there were multiple tenants applying for the same property and it had gone to someone else, whilst the third biggest factor was that numerous applicants had caused the rent agreed to increase beyond their affordability threshold.
Tenants also say that the cost of renting increase by almost £20 per month from the point they begin their search to the point they secure a rental property.
tlyfe also found that 52% of tenants take between two to six months before they secure a rental property, with 43% applying for between two to 10 properties before they are successful.
A tylfe spokesperson says: “The rental market is straining under the immense pressure caused by soaring tenant demand and an inadequate supply of rental homes and it’s this imbalance that has caused rents to soar so consistently in recent years.
“As a result, tenants face a number of obstacles when looking to secure a rental home and whilst the cost is certainly a sizeable one, the initial struggle is their ability to find a property in the first place in what has become a very fast moving, competitive market.
“This means that not only is the average tenant having to apply for multiple properties before they are successful, but their search can drag on for months on end, as they no doubt view a whole lot more than they actually apply for.”
This article is taken from Landlord Today