Since Covid-19 has become part of our lives we have seen rental rates hit an all time high as people are forced into rental accommodation. In early 2022 the average London monthly rent increased by 10.9% to £2,142 (www.standard.co.uk).This can be due to finance situations changing due to lack or change of work, cost of living rising or they personal situation. But whatever the reason for you seeking rental properties it can be difficult knowing what the average monthly rent is.
We suggest 2 ways to ensure you pay fair rent, which include
contacting a reputable letting agent
carrying out research using online portals
2 ways to find out what the rental rate should be
There is an unwritten rule that you should spend around 30% of your gross income on rent, but it's not one-size-fits-all advice. We suggest trying the below;
contacting a reputable letting agent
The first port of call for someone who wishes to rent is a reputable letting agent. There are many ‘agents’ out there who are not professional nor have your best interests at heart. Please ensure that you get testimonials from other tenants, check out their social media and do your background research.
But saying this letting agents are the safest way to find a house or room to rent as they check the property initially such as the electrical and gas certificate and that the EPC is valid. They will be the ones that landlords approach to instruct them to place the property on the rental market. The agent will also conduct the viewings so you can ask all the questions you need to make the correct decision for you whilst visiting the property.
If you feel safer with the main high street brands then stick with those, but still make sure you read the contracts fully or ask for help. If you have any issues speak the Property Ombudsman.
There are a number of portals you can use to find houses or rooms to rent. The most popular is Spareroom which allows you to ‘buddy up’ so you can search for a property with someone else. This will allow you to look at a wider range of properties with more than your own income. Spareroom will offer you the ability to do an advance search so the properties you shortlisted are the most suitable such as who you want to share with based on gender, ages, couples/singles, room size and obviously how much you want to pay!
The other portal is Gumtree. The search criteria is not as sophisticated at Spareroom but it has equally great options to suit most peoples needs. There are a mixture of agent and direct to landlord adverts, so please make sure you do due diligence before you commit to a rental let.
Feeling like you need a helping hand?
It's essential to get yourself in the right frame of mind to start achieving the results you want. So once you are aware of what your search perimeters are you will have a much more successful research outcome. It can be helpful to have the list of your needs written down so you do not lose track such as location, maximum rent per calendar month, size of property needed and if you are willing to house share.
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