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Original poster

Is this what the rental market is like now?!

35 replies

AhBiscuits · 29/07/2024 14:18

About 10 years ago we decided to keep our flat when we bought somewhere bigger to start a family. Listed it for rent. I think we said yes to the first guy who wanted it, he offered a slightly lower monthly rent, which we accepted.

He's decided to move on now, so we listed it again. We were inundated with people wanting to view it. We pulled the ad after 2 hours. We did one viewing day and they virtually all want it and have made offers. They've offered over the listed rent, they have variously offered to pay 3, 6 and 12 (?!) months rent up front, glowing references. I don't know how we'll choose and I feel bad for the ones we won't pick.

I'm in a city but not London. Is this what it's like try and rent a flat now? It's insane.

(Try and keep the landlord hate to a minimum)

OP posts:
Wery · 29/07/2024 14:21

Yes it is like that.
So for renters even if they have the money it's hard to get a tenancy. When my son was looking in Leeds flats were pulled before he got to view. Viewings were cancelled at a few minutes notice (while he had taken time off work and driven 70 miles to view). He had to give his life history and then hope the landlord preferred him above the rest.

Ghost2 · 29/07/2024 14:22

Unfortunately yes, very normal. We're roughly 25 minutes outside of a major city and it's a similar story around here.

Original poster
AhBiscuits · 29/07/2024 14:46

So stressful!
It must be virtually impossible to find somewhere for so many people.

OP posts:

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Property
MalePoster9000 · 29/07/2024 15:08

What is the typical value of these flats - are we talking £100k or £500k properties? Curious as that would affect how out of reach they are for two renters to not be able to purchase instead.

Mondaysocial · 29/07/2024 15:13

Yes, it’s like this. It’s shameful that successive government’s policies have led to this state.

Original poster
AhBiscuits · 29/07/2024 15:17

MalePoster9000 · 29/07/2024 15:08

What is the typical value of these flats - are we talking £100k or £500k properties? Curious as that would affect how out of reach they are for two renters to not be able to purchase instead.

Mine is a 2 bed flat that's worth about 350k.

OP posts:
Puravida23 · 29/07/2024 15:20

Yeah this is pretty standard from our experience as more landlords leave the market with the increased legislation and tenants rights making it more precarious to get rid of bad tenants, there is so much less supply and more risk for landlords
We are considering selling our buy to let ourselves . We have a family member in at the moment but when they move on I am dreading getting new tenants and will be vetting them thoroughly (previously I just let the agent advise us) if we don’t sell.
I really feel for tenants it’s tough and supply issues are just driving rental prices up

Overlyanxious · 29/07/2024 15:30

Yes, we got turned down for 3 houses when we moved this year in a town in Essex. This has never happened to me before and I've rented for 20 years.We more than met the threshold for how much income we needed to rent the houses. 2 of them opted for a single tenant for a 2 bedroom house instead of our family of 3. I think we only got the current one as we met the landlord and she decided she liked us - I think mainly because we complained about other houses having mould.

Original poster
AhBiscuits · 30/07/2024 08:01

It was the offers things that surprised me most. You make offers on houses you're buying, I wasn't expecting people to make all kinds of offers above what was advertised for a rented flat.

OP posts:
KnittingKnewbie · 30/07/2024 08:03

MalePoster9000 · 29/07/2024 15:08

What is the typical value of these flats - are we talking £100k or £500k properties? Curious as that would affect how out of reach they are for two renters to not be able to purchase instead.

Because rent is so expensive it's impossible to save for a deposit. This is common knowledge

ViciousCurrentBun · 30/07/2024 09:21

Have you looked at the going rate for rentals in your area?

Original poster
AhBiscuits · 30/07/2024 09:22

Yeah I've had a look and priced it fairly and in line with those. There really isn't a whole lot around, which must be the issue.

OP posts:
InsomniacIda · 30/07/2024 09:24

That’s what it’s like where I live . Choose the tenant you like the most.

LlynTegid · 30/07/2024 09:24

Perhaps choose the person you think would be the most vulnerable were they having to house share or remain in some temporary accommodation.

TheYearOfSmallThings · 30/07/2024 09:26

Yes, I guess it is because people are holding off on buying and they have to live somewhere.

We came home from parkrun on Saturday morning and I thought for a second there had been a stabbing or a road accident or something because there was a mob of people gathered on our usually very quiet street. Turned out estate agents had booked a RIDICULOUS amount of people to view a new rental. They do it on purpose to increase pressure.

InsomniacIda · 30/07/2024 09:27

Many just aren’t in a position to ever buy. They aren’t ’holding off’.

Hoppinggreen · 30/07/2024 09:30

I am a Relocater so I book viewings for a couple of clients a week in various cities and yes this is the Rental market, its brutal.
Its not unusual for viewings to cancel a couple of hours before they are due and thats assuming I can book them in the first place. I used to be able to request a date and time but now I have to largely take what is offered and there are group viewings a lot of the time which never used to happen either.
There are a lot fewer landlords now for various reasons and standards have dropped in a lot of areas - you would not believe the mouldy hovels I was showing in manchester last week for over £1000 per month. Plus its very hard to evict anyone so Landlords want to be as confident as possible that they will get a decent Tenant which makes Referencing etc more difficult.
Its hard trying to manage the expectations of people from overseas and show its not me being crap at my job

Enigma52 · 30/07/2024 09:31

LlynTegid · 30/07/2024 09:24

Perhaps choose the person you think would be the most vulnerable were they having to house share or remain in some temporary accommodation.

Yes, that's good advice. I think I would probably do the same.

Mydogisagentleman · 30/07/2024 09:31

It's difficult at the moment. We are LLs. Our tenants have been in the property for 7 years.
Our DD is living in a student city and is currently looking for a 2/3 bedroom property for her and friend to rent for at least 3 years.
She has been looking for 4 months without success.
She is now tied in for 6 months contract in a shitty, smelly, tiny room in a shared house

TheYearOfSmallThings · 30/07/2024 09:32

InsomniacIda · 30/07/2024 09:27

Many just aren’t in a position to ever buy. They aren’t ’holding off’.

Yes of course. I just meant those people are currently having to compete with people who are waiting to see how the market goes, which heats the rental market.

Timeisnevertimeatall · 30/07/2024 09:33

As insomniac said, I'm not holding off on buying, I can't buy. I'm stuck in a rented house that's too expensive (gone up this month, as it does every year - currently 68% my take home pay as a teacher) but I can't afford anywhere else either unless we move miles away. As a single person - and single parent - it's terrifying.

Hoppinggreen · 30/07/2024 09:35

LlynTegid · 30/07/2024 09:24

Perhaps choose the person you think would be the most vulnerable were they having to house share or remain in some temporary accommodation.

Nice idea but it would be better if you chose The Tenant who you feel will pay their rent on time every month and keep the property to a good standard.
@LlynTegid you are being very #bekind with someone elses finances here.
Its possible to be a decent landlord but be careful of Tenants taking the P, I have seen it and experienced it myself and with family. MIL was a soft touch and it cost her around £10000 in lost rent and damages with her rental property when she picked a Tenant she felt sorry for.
Its Business OP, you can do it with a heart but its Business

Turophilic · 30/07/2024 09:38

DS and his friends were unsuccessful at 11 properties before they found a landlord who would accept them. It’s insane.

brightonrock123456789 · 30/07/2024 09:38

Unfortunately this is only going to get worse as the government have had a war on landlords the last 10 years making them jump through so many hoops they are leaving the sector

Cobblersorchard · 30/07/2024 09:41

Choose your tenants carefully, vet them and follow up the references.

Avoid those that want to pay loads over or months ahead- that’s what the criminals do. They will front it with someone credible but that’s not what or who is moved in.

I only rent to people I really like, I get hundreds of applications and most I wouldn’t touch with the biggest bargepole. I have been bitten!

I take pets, the house is in great condition and I deal with all issues. I leave people I trust well alone to enjoy their home. But there are a whole heap of “types” that I won’t touch regardless of how much money they wave.