How Tenants Can Get ‘Rent Ready’
Tenants can stand out in the competitive lettings market by being ‘rent ready’ before looking for a new place to live.
With an average of 21 people vying for each rental that comes on the market*, competition in the sector is fierce.
So, how can tenants avoid the frustration and disappointment of missing out on a great property?
The answer is to be ‘rent ready’.
What is rent ready?
Rent ready is a term used to describe a prospective tenant who has their documentation prepared and deposit together. They can also move in quickly should they get the go-ahead from the landlord.
It’s not hard to understand why rent-ready tenants are so appealing.
Before a landlord can greenlight a tenant, they need to run checks to ensure that the candidate can cover the rent and will take care of the property.
When a tenant has all the relevant documentation (along with their deposit) together, it saves everyone time. It also sends a signal to the landlord that the tenant is reliable and organised.
Then there’s the issue of being ready – or almost ready – to move. No landlord wants their property sitting empty for a long time. While void periods are a part of life as a landlord, typically, a landlord won’t want a gap of more than four weeks between tenancies.
How many tenants are organised?
At least a third of renters start the property-hunting process before they’re rent ready.
A recent survey** found that 32% of tenants didn’t have their rental deposit together and 45% didn’t have a reference from a previous landlord.
Meanwhile, 34% said they weren’t ready to move straight away.
Give yourself the advantage
Get your paperwork and deposit together before looking for a new rental home.
A landlord will need to check your ID, review your credit history and look at references from former landlords and your current employer. They may also want to see payslips and bank statements. Have all these in one place to streamline the process (there are apps that can help you do this).
Also, consider the timing of your search. Typically, the turnaround between a tenant lodging an application and moving in is about two to four weeks (this allows for the referencing process, tenancy preparation and time for any notices to elapse).
If a tenant falls short during the referencing process, a guarantor might be required, so have the details of someone who can act as guarantor ready, just in case.
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*Source: Zoopla Rental Market Report, September 2024.
**Source: Research by tenant app Tlyfe.