By Bay Estate Agents
In a recent report by Rightmove, it has been proposed that the average queue of tenants requesting to view a rental property in Britain has increased from 20 to 25 in five months.
According to figures, in 2019, there were typically six telephone or email requests to see each place. That had risen to 20 by Spring 2023, and five months on it is 25.
Robin D’Arcy, Managing Director of Bay Estate & Letting Agents: “The shortage of available rental stock and extremely high demand has resulted in us receiving a vast number of enquiries, for each new listing, and hundreds of emails as soon as they go live to market. Although we try to accommodate as many would-be tenants as possible, inevitably the majority of applicants are being left disappointed as there are not enough available properties to meet demand.”
Renting is the only option for some, due to the rise in mortgage rates as a barrier to home ownership. For landlords, higher mortgage costs, tax changes and other sector reforms have also prompted some landlords to sell up, reducing the available rental stock.
However, there are some simple steps renters can take to give themselves the best chance of securing a property:
• Start searching well ahead of your tenancy ending and sign up with multiple agents
• Be aware of your budget and calculate how much you can offer upfront
• Make sure that you have evidence of affordability and rental track record to hand (payslips,
employment reference, and a previous landlord reference)
• Build up a relationship with agents in the area
• Keep an eye on social media for any pre-releases
At Bay Estate & Letting Agents, we really know the Swansea property market. We're local and we'll gladly share our knowhow and experience with honest advice that will be just right for you. So, whether you're buying, selling or letting in Swansea, get in touch. We're here to help.