The London rental market is a battlefield of applications, challenges, and hidden risks. With recent research revealing that letting agents receive an average of 10 or more applications per property, the need for robust tenant screening has never been more critical.
At David Harris & Co, we’re pleased to say vetting prospective tenants is one of our key services, and we believe having the right tenant in place makes life much easier.
The current landscape presents a stark reality for landlords. While 91% of potential tenants understand their budget, a shocking 45% lack references, 32% haven't saved a deposit, and 34% aren't even ready to move. These statistics aren't just numbers—they're potential red flags that could compromise your most valuable asset.
The risks of a poor tenant selection go far beyond a missed rent payment. Unsuitable tenants can:
• Cause significant property damage
• Create ongoing maintenance headaches
• Lead to costly legal eviction processes
• Disrupt your rental income stream
Professional vetting services offer a comprehensive solution. We go beyond surface-level checks, providing our landlords with:
• Thorough background checks
• Financial stability assessments
• Reference verification
• Comprehensive risk profiling
With 98% of letting agents emphasising the importance of 'rent-ready' tenants, using a professional service isn't just an option—it's a strategic necessity, and it’s one we are more than happy to ensure you have at your disposal.
London's rental market is uniquely complex. With 1.2 million private rental properties and an average of 10 applications per listing, the competition is intense. A professional vetting service becomes your first line of defence, helping you:
• Identify the most reliable tenants
• Minimise potential rental risks
• Streamline the selection process
• Protect your property investment
In a market where 90% of tenants are willing to commit to longer tenancies, finding the right match is crucial. Professional tenant vetting transforms the selection process from a gamble to a calculated strategy.
Don't leave your property's success to chance. In London's competitive rental landscape, smart landlords understand that thorough tenant screening isn't just a service—it's a critical business strategy.
We appreciate we have provided you with a lot of information here, so if you want the key facts, we’ve compiled them together for you.
Tenant Preparedness:
• 89% of renters know exactly where they want to live
• 91% have a clear understanding of their affordable rental budget
• 90% are willing to commit to a longer tenancy to secure a property
Critical Gaps in Tenant Readiness:
• 34% are not immediately ready to move
• 32% have not saved a rental deposit
• 45% lack references from previous landlords or letting agents
Competitive Rental Landscape:
• 83% of letting agents describe the rental sector as extremely competitive
• 25% of letting agents receive 10 or more applications per rental property
Letting Agent Priorities:
• 98% emphasise the importance of tenants being able to move immediately
• 98% stress the significance of being 'rent ready' with deposits and paperwork
• 91% of agents are more likely to prioritise well-prepared applicants
While we are more than happy to manage the letting process from start to end for you, here are the current key implications for London landlords when it comes to how prepared tenants are:
• High competition means well-prepared tenants have significant advantages
• Tenants who are financially and documentarily ready are more attractive
• Potential for faster, more secure tenancy agreements with prepared renters
CEO of OpenBrix, Adam Pigott, commented: “Rental prices continue to spiral and this increase is being driven by high demand and an insufficient level of stock to meet said demand. As a result, the rental application landscape is fiercely competitive and simply applying for a rental property isn’t enough to see you secure one. Despite this, a large number of tenants are entering the market unprepared, having failed to accumulate a deposit, organise paperwork and, in some cases, they aren’t even ready to make their move immediately. This failure to prepare will put you at a severe disadvantage and will often see you overlooked by lettings agents.”
We have assisted many Finchley homeowners and landlords looking to let their property, and we know what tenants are looking for when searching for rental accommodation. You can take the stress out of connecting with likely tenants by turning to a local letting agent in Finchley.
If you want to make an informed decision in and around Finchley’s lettings market, we are here for you. If you have any questions about the local rental market, or you need assistance, please contact David Harris & Co today. Call us on 0208 346 9122.
