A huge wave of tenant moves is set to hit the rental market, with nearly 60% planning to find a new home this year, new research reveals.
Lets face it, this is not the most shocking headline to read as many people decide to make big changes at the start of a new year
Three out of five of those renters who want to move, plan to take the plunge in the next six months, according to new tenant app, Tlyfe.
The survey reveals that 57% of UK tenants plan to move home in 2025.
TOO MANY PROBLEMS …
With the most common motivation being that there are too many problems with the existing property (21%).
While other common reasons include a larger home (16%), unable to afford the rent (14%), relocation for personal reasons (14%), and the end of the tenancy (7%).
The Renters’ Rights Bill is set to become law within months, but 58% of those surveyed by said they won’t put their plans on hold until it has passed.
NO DEPOSIT
However, more than half (51%) have not yet managed to save enough for a rental deposit, and 30% do not yet have the required paperwork in place, such as Right to Rent, ID and references.
Just 45% have identified the area in which they would like to live; 21% have registered with mailing lists to alert them of when appropriate properties land on the market; and less than a quarter (17%) have been proactive in contacting letting agents.
Competition for rental properties is fierce and this demand is only set to grow further as we see the usual surge in market activity from tenants looking to make their move for the year ahead. This is why it is so important to make sure before putting your rental onto the open market it is the most appealing it possibly can be to attract those all important “perfect tenants”
However, it’s clear that many tenants simply aren’t ‘rent ready, and this could put them at a severe disadvantage against the competition.
I always strongly advise that before booking in viewings you make sure you have everything in place ready to go if you decide you want to go ahead with an application on said property.
If you having any questions raised from this do feel free to get in touch
Thanks for reading
Sandie