Tenants looking to stand out in the competitive lettings market can do so by being rent-ready before starting their property search. With an average of 21 people vying for each rental property*, competition is fierce, and those who come prepared have the best chance of securing their ideal home.
So, how can tenants avoid the frustration of missing out on a great property? The answer is simple: get rent-ready.
What Does Rent-Ready Mean?
Being rent-ready means having all your documentation prepared, your deposit saved, and being ready to move quickly if the landlord gives you the green light.
Landlords value rent-ready tenants because it streamlines the letting process and demonstrates reliability and organisation. Before approving a tenant, a landlord must ensure they can afford the rent and will take good care of the property. A rent-ready tenant with all the necessary paperwork and funds gives landlords confidence and saves time.
Additionally, landlords prefer tenants who are ready to move in as soon as possible, as long void periods can be costly. Typically, landlords aim to minimise gaps between tenancies, ideally keeping them under four weeks.
How Organised Are Tenants?
Surprisingly, many renters start their property search without being rent-ready. A recent survey** found:
- 32% of tenants didn’t have their rental deposit saved.
- 45% didn’t have a reference from a previous landlord.
- 34% weren’t ready to move straight away.
This lack of preparation can make securing a rental more challenging and increases the chances of missing out on a great property.
How to Get Rent-Ready and Gain an Advantage
To increase your chances of securing a rental property:
- Organise Your Paperwork
A landlord will need to verify your identity and financial reliability. Be ready to provide:- ID (passport or driving licence).
- Credit history.
- References from previous landlords and your current employer.
- Recent payslips and bank statements.
Having these documents in one place will save time and demonstrate you’re a rent-ready tenant.
- Save Your Deposit
Ensure you have your deposit saved and ready before you start your search. This is essential for securing a property quickly. - Consider Your Timing
Most tenancies require a turnaround time of about two to four weeks to account for referencing, tenancy preparation, and notice periods. If you’re ready to move within this timeframe, you’ll be a more appealing candidate. - Prepare for the Unexpected
If something arises during the referencing process, you may need a guarantor. Have the details of someone who can act as a guarantor ready in advance to avoid delays.
Why Being Rent-Ready Matters
In a competitive rental market, being rent-ready gives you a significant edge. It shows landlords you’re serious, reliable, and organised, making it more likely that you’ll secure the property you want.
Know someone who could benefit from this advice? Share this article with them and help them on their journey to becoming rent-ready.
*Zoopla Rental Market Report, September 2024.
**Research by tenant app Tlyfe.
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