Renting for first time

[RentingOrNot]

Hey there!

I'm excited about the possibility of renting my own flat soon. Right now, I'm living with my parents, but I’ve come across a place that really catches my eye. I’ve run the numbers, and I can handle the rent along with bills, council tax, food, and all that. The thing is, I’ve never rented before, so I’m feeling a bit nervous about reaching out to the agent. I could really use some support or maybe a few words of advice. Thanks a bunch!

Be ready to provide references & bank statements, & also make sure you have enough for the deposit.

It’s a while since I’ve rented but you might also need to consider the possibility of them wanting a guarantor, since this is your first home of your own.

@EmpressaurusKitty
Thanks for your advice!
Since this is my first time renting, I don’t have a landlord reference to share. I’m assume they’d want an employer reference, but are there any other references they typically look for? Also, I’m not sure I know anyone who could be a guarantor for me. I've heard that offering 6 months' rent in advance could work in place of a guarantor, so I hope that’s an option.

I’d guess employer reference and a character reference, ideally from someone in a responsible job.

Hopefully you’ll also get replies from people who’ve rented more recently than I have.

I did 6 months upfront and just needed to show proof of funds. I'm self employed and didn't need any references, they were happy enough just to have the rent.

Be prepared to offer over the asking rental price. You also need a deposit upfront,

Thank you. That’s great, I could get those references.

Oh wow, I had no idea that was even an option! That’s really good to know, thanks! Just curious, was that your first experience with renting, or had you been renting for a while before that?

No I'd never had my own flat/tenancy before. I'd lived in houseshares and with boyfriends who already had their own place, but this was the first time on my own. This was 2018 though, and I do have to warn you the market has changed. It seems much more competitive, more tenants applying for the same property etc. Some LLs will bite your hand off for six months upfront, but others not so much, it just depends. Personally I'm of the view that someone in 'proper' employment could still lose their job at any time, so it's no more secure (less so?) than 6 months in their hand right now. But I'll keep my fingers crossed for you!

Thank you for your reply! I do have enough for a deposit, but I noticed that the online listing for this place mentions no deposit required. They also state that the minimum tenancy is one month, while rent is paid weekly in advance, and you only need to provide one week's notice to move out. I was thinking about offering several months upfront since it’s my first time renting and I don’t have a guarantor. This place checks a lot of boxes for me, but the absence of a deposit and the short notice policy seems a bit unusual—almost too good to be true. Do you think this is a red flag? Am I being naive by considering this place? Thanks!

If you have enough money to pay six months upfront, have you considered staying at home and saving for a bit longer to buy a place?

Thank you so much!

It depends where she lives. I'm in the SE and £5-6k would get you 6mths + deposit, but is only 1.5% of buying an equivalent property. You'd need minimum £20k + a salary of £75k-£80k to buy!

Edited once I thought a bit more, you'd need more than that because of ground rent etc ugh.

I'm in Brighton, and you would need double that for six months we pay £1400 rent plus another £7 or £8 hundred on bills, which is why I suggested staying at home longer and building a bigger amount of savings in order to buy. I'm assuming she is young and can get a mortgage over 40 years. It was just a suggestion, once you rent there is no chance of saving unless you are on a high income

Hi I’ve rented all my adult life, if it’s a nice flat you need to contact agent asap the rental market is generally really competitive - so please don’t get your heart set on it.

you usually need at a deposit, this is set by agent/landlord usually one month in advance, pay slips, character/employer reference.

good luck!

Be aware that in many places in the UK the rental market is awful and moves incredibly fast.. You need to ring up letting agents as soon as you see a property you're interested in (the place we're in now we must have enquired about 30 or so places, saw 6 and only got this one as we were the first of 10 to view on the first day they were doing viewings). Most letting agents will require that your monthly income is 3x that of the rent, and if it's not will request a guarantor. None that we spoke to accepted rent up front in lieu of a guarantor even though we offered this if your income matches though and you have good credit you should be fine. We needed to provide employers details for reference, our previous landlord, proof of income, our guarantor had to provide proof on income and employers details for reference.

Thanks for taking the time to read and reply. To be honest, buying just isn't financially feasible for me right now. I actually think renting would be a good way for me to experience living independently, without the worries of dealing with emergency repairs like a broken boiler or a leaking pipe!

Also, I’m not sure I know anyone who could be a guarantor for me

Would your parents do it?

I'm in Kent. We still (just) have pockets of more affordable places but I get what you mean! Your bills are huge though Mine are about £300 for water, council tax (just gone up to £110/m), electric and wifi! <faints>

Wow! That’s pricey! I’m pretty lucky since six months upfront here costs around 4 to 4.5k.

@PuzzlingRecluse @Stumblingalongthroughlife
Thank you both - very helpful!

Unfortunately they couldn’t.

If this is a short term rental like air bnb or holiday let you will be paying over the odds for the flexibility and it is a less secure way of renting. You need to look for an assured short-hold tenancy which will be six months minimum and require certain statutory obligations on the ll such as safety checks, security of deposit and notice periods,

Have a look at Shelter's website to establish your rights as a tenant.

No deposit and weekly rent sounds like a massive red flag.
What type of tenancy agreement would you have?

I was coming to say the same thing. It doesn't sound right at all.