"A large number of tenants are entering the market unprepared, having failed to accumulate a deposit, organise paperwork and, in some cases, they aren’t even ready to make their move immediately"
- Adam Piggot - OpenBrix
The latest research by tlyfe, the UK’s number one tenant app launched by OpenBrix, has found that whilst the vast majority of letting agents will prioritise tenant applications from those who are ‘rent ready’, a third of renters aren’t able to make their move straight away, despite the high level of competition they face.
When it comes to location and cost, the majority of tenants are pretty clued up when it comes to renting.
In fact, 89% of renters surveyed said that when undertaking their search for a property they knew exactly where they wanted to live, whilst 91% had a clear idea of exactly how much they could afford to spend.
However, whilst 90% were prepared to commit to a longer tenancy in order to secure a rental property, as many as 34% stated they weren’t ready to make their move right away, 32% didn’t have a rental deposit already saved and as many as 45% had no references prepared from a previous landlord or letting agent.
A secondary survey of letting agents, also conducted by tlyfe, found that 83% would describe the rental sector as extremely competitive.
When asked how many tenants they had applying for each rental property, 25% stated it was 10 or more.
No surprise then, that 98% of letting agents said it was important that tenants were able to move immediately when looking to rent.
98% also stated that it was important to be ‘rent ready’ when it comes to deposits and paperwork and 91% of letting agents revealed that, in doing so, you are more likely to be prioritised when applying for a property.
CEO of OpenBrix, Adam Pigott, commented: “Rental prices continue to spiral and this increase is being driven by high demand and an insufficient level of stock to meet said demand. As a result, the rental application landscape is fiercely competitive and simply applying for a rental property isn’t enough to see you secure one.
"Despite this, a large number of tenants are entering the market unprepared, having failed to accumulate a deposit, organise paperwork and, in some cases, they aren’t even ready to make their move immediately.
"This failure to prepare will put you at a severe disadvantage and will often see you overlooked by lettings agents.
"The good news is that help is on hand and we’ve designed the first platform in tlyfe that can help you get truly ‘rent ready’, allowing you to secure a property at the click of a button.
"We utilise independent verified data to validate tenant ID, Right to Rent, and rental affordability, which a landlord or agent can download via a sharable code. If the property is ready to move in, the tenant can then sign the contract and secure the property on the spot.
"In fact, we’ve had a number of cases where tenants have done so before even viewing the property, with the agent turning up to the first viewing with a contract and invoice, allowing the tenant to sign on the spot and move straight in.”
