Thanks in some part to the mortgage shortage, the residential rental sector is now booming. It seems that everyone, young people, older age groups and families are holding off buying a new property or are unable to, and are instead opting to rent a new place.
There is no obligation for anyone to go through a letting agency to find a place to rent, but most potential tenants do. It is best to visit as many agency websites as possible, as they will have up to date information on all properties currently available as well as the rental rate. Another good reason for using a reputable agency is they will normally only let property on behalf of respectable landlords who will also have landlord insurance.
A tenant will be expected to contribute to the cost of obtaining all references which include employment, credit and a behavioural reference; this is designed in part to protect landlords becoming a victim of unscrupulous tenants who could end up costing the landlord a lot money. Before signing a contract and moving in, the tenant will also have to pay the first month’s rent in advance along with a deposit which is normally equivalent to two months rent. This deposit will be returned at the end of the tenancy.
For tenants, the main lease commitment will be the timely payment of rent which will in most cases be by direct debit. Another will be taking responsibility for all the utility bills and a TV licence. A tenant must also make good any damage to the property. The initial lease will be usually for six months. Most landlords will be happy to offer longer leases to “good” tenants as there is nothing better than getting some income from responsible occupiers who have shown a landlord that they can be trusted.
All tenants have a right to expect a property which is wind proof and watertight, running hot and cold water and some form of heating. Tenants should also expect the property to be maintained by the landlord should any genuine faults arise. A tenant does not need buildings insurance as that is down to the landlord; however they will need to have some kind of contents insurance as this will cover the tenant for the loss or damage to personal property through theft, fire or flood.
Problems do sometimes happen over the landlord keeping the deposit due to damage to the property. Fortunately most landlords today are realistic enough to know the difference between damage and wear and tear, in which case the deposit is returned.