Three experts explain how tenants can beat the competition to secure a rental home in a hot market

Tenants are bearing the brunt of a housing supply crisis in the rental market, forcing them to compete fiercely over each and every property that comes to market.

The number of enquiries each property is receiving from would-be tenants has more than tripled, from eight in October 2019 to 25 today, according to Rightmove.

It is driven by the fact that the number of homes available to rent is nowhere close to matching the number of people wanting to move. 

There are 41 per cent more tenants looking to move now than in 2019, says Rightmove, but the supply of homes to rent is down by 35 per cent.

Supply and demand mismatch: There are now many more tenants seeking to move than pre-pandemic – but fewer properties available to house them

This has not only made rents much more expensive, but also made finding a new home a herculean task, which can be both emotionally and mentally taxing.

Alasdair Mcclenahan, founder of the renter support service, Justice For Tenants says: ‘This is the toughest time to be a private renter for many years. Renters are paying a higher percentage of their income on rent than at any point in the last 50 years.

‘With interest rates leading many landlords to leave the market, we are seeing a short-term supply shortage, causing intense competition between renters.

‘It is not uncommon for ten potential tenants to view a property simultaneously, with agents asking everyone to put in their best bid.’

This system of ‘best bids’ is increasingly common, and requires tenants to state the maximum amount of rent they would be willing to pay above the advertised price. 

We asked property experts how tenants can improve their chances of securing the home they want in the dog-eat-dog rental market.  

Write the landlord a letter 

If the average renter is competing against two dozen other applicants it is vital to do everything possible to make themselves stand out from the crowd.

Offering to pay more is the obvious tactic, but there are a number of other things renters can do to show they are an attractive prospect for a landlord. 

In much the same way as someone might treat a job application, renters are being advised to send a polite email alongside any offer.

Mcclenahan says: ‘When applying for a property, sending a polite email with some information about yourself and the other occupants, along with all the information that a landlord would want to know, can be helpful.

‘Many letting agents will simply forward this email to the landlord. If there is a group of tenants who have sent a polite email which shows they will be good tenants, and have proactively shared their employment status and income, a landlord may feel more comfortable.’

Show that you’re ‘the right fit’

Richard Davies, chief operating officer at Chestertons letting agents, says some renters are going even further in their efforts to curry favour with landlords and letting agents.

He says: ‘Despite the competitiveness of the market, we still see landlords who want to make sure that their property is looked after. 

‘They therefore favour the tenant who appears to be “the right fit” over the tenant who offers to pay above asking rent.

Best foot forward: In much the same way as someone might treat a job application, renters are being advised to send a polite email alongside any offer

‘Some tenants have taken their property search to a new level by providing carefully conducted letters to the landlord, explaining why they are the ideal tenant for their property.

‘Others are willing to agree to longer tenancies, pay their rent upfront or even pay more than the requested rent. This is really only advisable if you are comfortable doing so.’

Drop your plans for the right home 

Being prepared with references from a current employer and landlord will also be important, according to Dan Wilson Craw, deputy chief executive of the campaign group, Generation Rent.

This allows you to move quickly once you find the right home.  

He says: ‘It’s important to be prepared with the references from your employer and current landlord so you can move quickly to make an offer.

‘It helps to be prepared to drop other things in order to visit a potential house and make an offer. 

‘The current state of the private rented sector means that if you don’t move quickly, you might lose the house you would prefer to be in.’

Be smart: Trying to offer win the landlord over doesn’t necessarily mean paying more rent. Some landlords prefer longer tenancy agreements or receiving the rent upfront

Be willing to compromise 

In the current market, renters may also need to compromise on the type of property or the area in which they wish to live.

‘Given the lack of affordable homes, renters often have to compromise,’ adds Wilson Craw. ‘It’s important to know what is essential to your home and what you can be flexible on.

‘Does the home have to be within a certain distance of where you are living now? What kind of size requirements do you have, and could you live in a smaller space if you had to?

‘Alongside space, defining how much you can afford is really important. If you don’t earn more than 2.5 times the rent then the landlord or agent will often ask you to get a guarantor or pay several months’ rent up front.’

Pick up the phone to your letting agent 

It is also advisable that renters are proactive in their search and responsive to letting agents phone calls and emails.

Richard Davies of Chestertons, says: ‘We always advise tenants to start their property search as early as possible and inform their estate agent about their planned moving date.

Rising: The quarterly change in average advertised rental prices, according to Rightmove data

‘To increase your chances of securing the property you like, ensure that you have all necessary paperwork in place.

‘Finding a new home and moving can be a stressful experience but don’t forget that your estate agent is here to help.

‘Therefore, we recommend staying in regular contact with your agent and give them honest feedback following each viewing as it will help finding the right property for you as quickly as possible.’

In a fiercely competitive market, renters who have pets will often find it even harder, according to Davies.

‘Tenants who have pets also often face the challenge of finding a pet-friendly property which is why Chestertons previously supported Dogs Trust’s Lets with Pets scheme in order to encourage landlords to welcome pets into their property.

‘Some tenants even create Pet CV’s, outlining the training their pet may have had and explaining that there won’t be any damage to the property.’

This post first appeared on Dailymail.co.uk