Tenants Face A Battle To Secure Rental Property

Tuesday, March 17, 2015

Choosing Between Multiple Tenant Applicants For Rental Properties

Choosing Between Multiple Tenant Applicants For Rental Properties

Multiple Tenant Applicants For Single Rental Property

According to a recent report published by a national letting agent, there is now an average of five tenant applicants for every rental property in the UK’s private rental sector (PRS), so how do landlords choose which tenant to rent to?

It is important for landlords to know exactly who they are allowing to rent their property to, that is why all prospective tenant applicants should be comprehensively tenant referenced by professional tenant referencing specialists.

Tenant referencing will help landlords to protect their rental property assets and rental income with in-depth tenant referencing which won’t leave a stone unturned when it comes to checking the background of a potential new tenant.

Don’t leave it to chance – choose Legal 4 Landlords for all your tenant referencing needs and you can sit back and relax knowing that you are in safe hands. As the UK’s market leading specialist suppliers to landlords and the UK lettings industry, Legal 4 Landlords pioneering tenant referencing system is unrivalled in efficiency, accuracy and reliability.Legal 4 Landlords advanced tenant referencing system is more efficient and more reliable than any other tenant reference system on the market. Letting agents and landlords can track and manage individual tenant reference reports online with just a few clicks.

The Sequence lettings report found that the average monthly rent charged by private rented sector landlords, in the twelve months to January 2015, increased by approximately 5% but rental prices have appear to have remained steady since December 2014, with the average monthly rent calculated at £702 (GBP). However, London rents increased by 7% over the same time frame reaching an average of £1,494 (GBP).

There is still a supply and demand imbalance as the number of suitable properties available to rent has fallen by 13% over the last year while tenant demand for rented property has increased by 11%.

The report also discovered that there has been a 3% increase in the number of investors applying for buy-to-let mortgages in the past 12 months, whilst the number of available buy to let mortgage products has increased to over 800.

Overall the UK private rental sector is still booming, with large cities in particular seeing high levels of activity.

Landlords are urged not to accept tenant applicants on face value from people who claim that they have enough money to pay the rent every month, because unfortunately some applicants will try to deceive landlords, it is always recommended that all prospective tenant applicants are thoroughly tenant referenced and background checks completed before a tenancy is offered.

Don’t Be Complacent – Conduct Proper Tenant Reference Checks!

This was written by Mike Clarke. Posted on at 11:30 am. Filed under Referencing. Tagged , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , . Bookmark the permalink. Follow comments here with the RSS feed. Both comments and trackbacks are currently closed.