Tenants are spending on average two and a half months searching for a rental property, outlining the competitive state of the market, research by tenant app tlyfe has revealed.
Renters are regularly being beaten to the punch by other tenants, or in same cases being outbid.
Adam Pigott, chief executive of OpenBrix, which launched the app, said: “The rental market is straining under the immense pressure caused by soaring tenant demand and an inadequate supply of rental homes and it’s this imbalance that has caused rents to soar so consistently in recent years.
“As a result, tenants face a number of obstacles when looking to secure a rental home and whilst the cost is certainly a sizable one, the initial struggle is their ability to find a property in the first place in what has become a very fast moving, competitive market.
“This means that not only is the average tenant having to apply for multiple properties before they are successful, but their search can drag on for months on end, as they no doubt view a whole lot more than they actually apply for.”
Amidst this rising competition over the past year the monthly cost of renting increased by £8 per month, analysis of ONS data shows.
Indeed, those taking six months to find a rental home will see the average cost of renting increase by an estimated £48 per month over that time, or additional £576 over the course of a 12-month tenancy.
Pigott added: “The cost of renting continues to climb meaning that by the time they do secure a property, it’s even more expensive to rent, seeing them pay hundreds of pounds more over the course of their tenancy – sometimes even thousands of pounds more.
“Whilst little can be done to stem the increase in rental properties, particularly whilst supply remains such an issue, tenants can look to get ahead of the game when it comes to being rent ready.
“That’s why we’ve developed tlyfe in order to help them get their house in order, so that when a rental property does become available, they can be at the front of the queue of applicants.”
