Tenant demand in the UK rental market is soaring, with the West Midlands experiencing a huge 48% increase in demand in the past year alone. Zoopla have noted that the rental market is at a thirteen-year high, with demand far outstripping supply and each property experiencing far more interest than the same time last year. This means that properties are getting let quicker, and we’re processing more viewings and applications than ever before in such a competitive market, often resulting in multiple tenants bidding for the same property – what a great problem for a landlord to have! As a result, many of our new and existing clients have been asking for advice on how to choose the right tenant. In this piece, we’re sharing our advice, letting you know what to look for in a tenant for your property to ensure a smooth tenancy and lettings process. From referencing checks to setting your boundaries and ensuring cooperation, here are Centrick’s top tips when looking for a tenant for your property:
Firstly, it’s vital that your agent carries out referencing checks when looking for potential tenants over the age of 18 in order to determine whether they are legally able to stay at your property. These should include right-to-rent checks, which ensure that a tenant has the right to reside in the UK for the length of the tenancy, and credit checks to see if your tenant is generally financially responsible. Landlord referencing is also worth exploring to verify that your tenant has a proven track record for staying up to date with rent and keeping their previous rental property in good condition. Similarly, it is advised that you secure a tenant with a job that has a yearly salary that equates to two and a half times their portion of yearly rent in order to meet minimum affordability. If your tenant is unemployed – for example, if you are renting to students – we strongly recommend obtaining the details of a guarantor that would be able to cover their rent in the event of a failure to pay. We also recommend erring on the side of caution with tenants that are not forthcoming with their existing landlord or employer’s details for referencing, which could indicate that they are hiding a dubious past that could impede future tenancies. At Centrick, we take tenant referencing very seriously when looking for tenants to ensure that whoever you choose to occupy your property, you are comfortable knowing that they have been thoroughly checked.
Secondly, decide upon your ideal tenancy length and find a suitable tenant that fits these requirements. The aim should be to circumvent any void periods to ensure that you are reaping the most reward from your investment property. If you’re hoping to sell your property soon, or are considering moving into it yourself, it may not be sensible to take on tenants looking for a long-term contract. Similarly, if you’re hoping for a fuss-free, long-term tenancy, renting to students or those with temporary work contracts may not provide you with the kind of security you’re looking for. The same can be said for furnishings – spending hundreds of pounds on furniture to appease your tenant may not be as cost-effective as finding a tenant that can bring their own furnishings to the property, therefore saving you time and money. Try to choose tenants that fit your preferences and be sure to discuss this with your lettings agent so that we can find you the best possible tenant to suit your situation.
Lastly, try to see how cooperative your prospective tenants are, as this will be an indicator of their amenability throughout their tenancy. If possible, meet with your tenants, or try to be present at viewings, to get a personal first impression and build a relationship. If you live quite a distance away from the property, ask your lettings agent for a character reference. Having uncooperative tenants can bode badly for organising maintenance visits and inspections, so it is vital that you find tenants who are respectful of procedure and respect your property. Perhaps most importantly, ensure that any tenants are honest with you and your lettings agent or representative – this can be demonstrated through transparency about their career, an explanation about why they have chosen to move, and by providing details for referencing checks swiftly.
Looking for a tenant for your property? Your local Centrick team would be delighted to work with you to find you the ideal tenant for your buy-to-let property. With thousands of tenants visiting our property listings and trusting Centrick to find them their next home, we’re sure to find you the perfect match. Fill in the form below to get in touch with our Award-Winning Lettings Team:
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