In one of the most competitive rental markets since before the pandemic, where over 24% of properties rent for more than initial asking price, compared to 6% pre-pandemic, London House releases its guide as to how to get and stay ahead when renting in prime London.
Be as transparent as possible from the beginning and when submitting your offer. Yes, ‘offer’, the rental market works much like the sales market, it’s offer based. It’s rare when property we have on the market goes for asking price, most let for between 15-25% more.
The chances are the landlord will never meet the prospective tenant, humanise the process and include a personal statement or biography on yourself. Offering references upfront, whilst reassuring, implies you might need them in order to pass later financial checks, don’t lead with this, instead lead with a bio that explains why you would be best placed to rent. It might feel trivial, but we see clients, particularly the private landlords, respond more positively to an applicant who does this.
Be quick – we are seeing properties go under offer within hours of hitting the open market. My advice, if you want it - go get it, be the first to view, be the first to offer; early bird catches the worm - otherwise someone else will. Also, as hard as it may be diary wise, make sure that you visit the property as soon as possible, ideally on the day it hits the market. An offer made where the prospective tenant has seen the property is more likely to be taken seriously by the landlord, as there’s less chance you might change your mind.
This has been coming up a lot recently with the rising level of demand; whilst potential tenants may have been advised elsewhere to pay funds immediately to secure a property, ultimately their offer could still be refused; we prefer the method of securing an accepted offer before taking any payment to ensure that the potential tenant is not mislead and expectations are managed. Immediate cash deposits are not needed, but depending on the level at which your renting be aware you will need the deposit liquid and accessible.
Keeping an open mind.
Whilst you may have an idea of the ‘perfect’ combination when sourcing a property, more often than not if you are willing to consider a wider variety of options then you may be surprised; there is a lot of mainstream influence surrounding particular boroughs or streets which in term drives up the demand in that area and consequently securing a property can be trickier; at London House we build relationships with our applicants so always feel confident pitching a ‘wild card’ or two to find them a home.