Had a 2bed house come on the market Tuesday and the fact that it was let within 2hrs 10mins was besides the point , I was sat next to the the agent with a list of approximately 20 names of tenants who income was just covering the rent and 27 tenants who could comfortably afford it .
It was quite clear we are a two tier renting society!
as there was only a couple of tenants in the middle !
And what baffled me was why are tenants applying for property when it’s clear it’s unaffordable?
Basic maths !
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I guess it shows desperation and how few places are available
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yes, that’s been the case in prime locations where rent is high. I had nearly 70 applications, almost all hmo enquiries although property ad clearly stated nonhmo, about 4 passed affordability, none even borderline.
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I am not trying to be funny but why use an agent. I am not affiliated with Open Rent other than as a landlord but using their services to advertise, get references and deal with the contract plus collect the rent for just £10 a month is a no brainer.
The £10 per month is to collect and manage rent collection, the other services are very cheap too.
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I guess nowadays prospective tenants hope they can negotiate the price at the very last minute. On this note it always surprises me how a lot of tenants can’t afford the deposit, but only let you know at the very last minute, once selected,
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If they cannot afford a deposit ,then they cannot afford the rent.
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Not always the case Colin. I took a chance on one of my tenants who couldn’t afford the deposit by dividing the deposit amount into 12 months. Worked out and is a long term tenant who pays on time. The person in question had just split from a long term partner and ended up with nothing. Furnished the house with charity shops and free stuff and is doing ok.
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i like that it is going with your gut feeling . great.
gut feeling gone wrong many times, ouch it hurts, not anymore.
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Its not their money they are wasting on referencing, the Govt have open the flood gates to LL being taken advantage of.
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