London - not getting many enquiries - is this a market issue?

I’m using the premium open rent service. I advertised over a week ago and have had four enquiries (!). Is this an issue with open rent? Is the market just dead? It’s a one bedroom flat in Zone 2.

Hi Jonathan,

This sounds like a you problem. I’ve recently finnished converting six flats in Shephards Bush and had tens of offers on each within the first week. It will probably be a competetive pricing issue.

Gaz

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Hi Jonathan,

Thanks for your comment.

We are currently going through a period of record tenant enquiries via our platform so it is possible that this is just a case of making a few adjustments to you advert to ensure that it is as appealing as possible to prospective tenants.

We offer general advice on this here:

All the best,
Dominic

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Thanks both. It may be a pricing issue but I suspect not given I used the valuation tool and have priced it at an equivalent price to similar properties. The advice tends to be to widen up the pool of prospective tenants, but I absolutely do not want students, DSS, families, pets, smokers etc. Really just looking for a professional or professional couple and don’t think that’s particularly unreasonable.

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Go with the group you feel the happiest with. I have had female students and they were very good . Its your place you decide but its prudent not to advertise “no DSS”. … In any case I usually ask are you working or where do you work? I have just got a vacant flat from 2 great students and now a friend of mine is moving in. No need for deposit and no credit check . Great.

Did you advertise through Open Rent though or elsewhere?

It’s definitely the market (in London anyway) as I’m experiencing the same with my one bed zone 2 flat. I’ve only had 10 enquiries in 3 weeks and only 3 progressed to viewings despite reducing the price by £75 pcm. Two years ago I was turning people away and let the flat within a week to the first people who viewed it.

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Hi Jonathan

I would say it’s market because I have been advertising
my properties with OpenRent and don’t have problems as
find tenants as in past I have arranged a few viewing
in a day and found tenants within one day of advertising.
Sometimes it has taken a longer but usually within a week or two.
I am advertising in zone 2 as well and I have noticed on Rightmove there are so many properties in the same area been for a few months even prices reduced.
Please note we can reduce to so much but not beyond
certain rent price.
Wish you all the best

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Thanks very much for the anecdotal evidence. So OpenRent are openly lying when in this thread they are exaggerating the state of the rental market.

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I doubt it’s a lie, just misleading as it’s probably the national picture. In some parts of the country rents are going up but in London rents are being reduced.

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Jonathan
I don’t think openrent are lying. Openrent is the best online agency providing service for private landlords as a period of record tenant enquiries via our platform.

From my views There are more properties on market for rental in London as short lets are coming for long lets.

Also other estate agents who have properties on rental or sales on their websites and if their properties don’t go then they would reduced the price as they need to earn money because their based on commission and estate agents would not like the properties on the market for longer time. The owners who uses the agents in London area and many of owners don’t live London and some have other full time jobs or could be accidental landlords and they would listen to estate agents. Also those are not professional full time landlords.

From my experience that local estate agents have lowered the rent price as soon as they have seen private landlords advertised their properties with any online agents.

There are so many factors at the moment for rental is very slow some parts of London.

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Mr Colin and Landlord I’m a potential candidate to rent a property on open rent, I don’t lie and I don’t scam if anything I have been lied to by agencies .

As most people in this country when ur young temptation gets the best of you and u accrue debts , so I actively searched to improve my financial situation and joined the IVA program in 2017 which I have never missed a payment for since and we are now in 2021 and the agency CreditFix can confirm that . But unfortunately that’s not visible on the basic credit check s like the one Ms Victoria Irunga generated on me on behalf of Rentguard so you can imagine what the out coke of that report was .
Now my question to everyone is . Is it fair that A hard working, law abiding citizen who made mistake s in their past and is actively trying to fix be judged and considered a right off based on what no one knows ?
Do you no longer have a sense of intuition to actually allow u to feel good vibes or bad vibes from people regardless of what the report Ms Victoria generates ?
No one should consider people as ‘declined ‘ based on what has passed , perhaps the credit reference agency needs to look at what I have done and doing to improve only then will they actually realise how many good people have had to be homeless thanks to their reports.
I am proud to be where I am and I would love to go back and change things but I can’t so all I can do is work harder in improving as a human being . I am a good person and I have vowed from when I was in my late 20 s that I will try and make someone s day or make them laugh or smile at least once a day. And I will find the right landlord to have that relationship with who sees my value now not 10 years ago .
So please meet with the potential tenant interview them , poke them , grill them and find out what kind of person they are and what vibe u get before you start talking about liars and scammers because In my experience the only way to know a liar is if your the bigger one (apologies Colin not intended at you )
If you care so much about ur property then get to know every candidate , it’s a marriage between ur property and the tenant and I guess that’s how u ll find a good tenant .
Sorry for the long message but I am fully frustrated today . My potential landlord Lino has been amazing and supportive with my bad reference but for some reason even my guarantor isn’t good enough for rentguard only because they base their stupid calculation s on basic salary not what they actually earn .
How does a mortgage company mortgage my guarantor a house and as a guarantor he doesn’t meet the criteria (rhetorical question as, I know the politics )
People need to go back to basics
Thanks

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I’m wanting to rent, but I’m biding my time. My mum carked it last year, so I’m currently living rent-free with my old man and building up some funds, with a reliable job that is unlikely to be affected by any of this pandemic rubbish. It’s wonderful to actually see your bank balance increase each month, rather than wonder what exactly you’ll be eating at the end of month because you have to pay so much of your hard-earned on the right to have a roof over your head.

I know that when furlough ends landlords are going to be pretty desperate, and rents in the south east are STILL ridiculous (and have been for a long time). Without wanting to wish any ill on all you middle-aged landlords that invested in property when it was affordable (I know it’s not your fault there’s no supply), I can’t wait for the day…

Thank goodness I am not middle aged… Supply is down to the goverment.

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So you’re either very old - or mummy and daddy put up the deposit for you? Either way, you’re royally screwed with the economic fallout that coming. You have the double-whammy of Brexit and CV19 that will decimate demand in London in particular. It’s actually funny watching Agents putting up the prices on Rightmove, only reduce them below 2018 levels 4 weeks later.

I agree that supply is down to the Government. But also a powerless and desperate tenant, to a degree… In Berlin, they’d sooner burn down an overpriced apartment (which would still be much bigger, better kept and more reasonably priced than London) and protest than accept ridiculous prices… and it get results - they have a price cap now. Tory government in England, letting foreign investors treat London like a tax haven = no hope of proper regulation, until market conditions dictate your fate… :wink:

Just seen from your post history you’re in Liverpool, Colin. My deepest sympathies! :wink:

But it’s a world away from the market in London - I wish I could move north right now! I could rent a 3 bed house for what I was paying for a 1 bed flat down here :frowning:

Rubbish. MY mum and Dad quite poor. I earned my money as a Joiner. and ran a shop selling all sorts And made A lot of money. Like you my bank balace is increasing. ! I am not VERY old . Would you like me to send you a chip to balance the one on your other shoulder ? I am not in London. I have tenants that have been with me for 22 years . I must be loved ! I will never lose out as I keep my rents modest. so have many tenants of 7 or 8 years . PS I do not live with my Daddy and have him support me, I have my own place.

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I am not in Liverpool I have rentals there. I live in an old mill house in N. wales I work selling insulation in Liverpool > i visited London a few times and am thankful I do not drive in that traffic or have to buy a house there. I understand the high rents and cannot believe people can afford it Rents are a third in Lverpool. But the jobs pay less of course, I have worked in peoples homes for many years and have good memories of the kindness shown to me

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I use OpenRent but if I don’t get many enquiries after a week or two I use Spareroom & Facebook.
I instruct applicants to apply through OpenRent for referencing purposes.

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Hi Colin
I was from Midlands but I moved out from there
because of I had to go to where I had job opportunity
offered first as a Research Chemist and it was in Berkshire.
I have lived in rented places when I was a student and also when I had my first job.

Then I had a job offered in London where I met my late husband. In life things happens but we have learn to live with
that.

In London rents are high and also service charges, maintenance everything is high. But now estate agents are
dropping the rents prices to so properties goes but even I have seen there are so many properties on the market especially in east London, Canary Wharf sides. The reason is that people are thinking working from home and moving out of London
to Kent, Essex etc because of Covid and so many jobs prove moved out of London because of Brexit. Students staying home with parents etc

So even I know people have put their properties on sales and rentals but still on market.

I have on flat is on market and is not rented and now there is water leak from the flat above into my flat so have wait until work is completed when it’s dry.

But I am sure rental market would recover after lockdown
and after in spring.

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