One in three tenants aim to move in within a fortnight
Nearly one third (31.2 per cent) of tenants want to move into their new home less than two weeks after they first contact a landlord or letting agent, new data from The House Shop shows.
And the figure rises to almost two thirds of renters (63.8 per cent) who need to move into their new home less than one month after making their first enquiry.
Nick Marr, co-founder of The House Shop.com, said: “For the 1 in 3 tenants who are expecting to actually move into their new home less than two weeks after they first make contact with the landlord - they will need to ensure that they are responsive, organised and thoroughly prepared.”
He said it can often take 2 to 3 days before prospective tenants receive a reply – especially if the property is being advertised a DIY landlord who also has a full-time job.
The landlord and tenant will need to arrange a time for viewing that suits both parties, conduct tenant referencing checks, sign contracts, and manage deposits before the new tenants can actually move in, Mr Marr added.
Despite this, he believes 2 weeks “to get from start to finish is definitely achievable”, albeit with “little wriggle room to handle delays.”
The data shows a clear and consistent peak in the number of last minute enquiries during September over the past 3 years, as students try to secure accommodation before their courses start, and the vast majority were concentrated around big university towns like Birmingham, Manchester, Edinburgh, Glasgow and Durham/Newcastle.
Younger renters are increasingly seeking out properties to rent direct from private landlords to cut out the letting agent middle man and avoid hefty admin fees.
Move-in date is often an incredibly important factor for tenants, as arranging interim accommodation to plug a gap between properties can be tricky, time-consuming, stressful and, most importantly, costly, in terms of removals and storage.
However, tenants are not the only ones who can suffer financially as void periods, where a rental property sits unoccupied, are a huge concern for landlords and can result in a significant loss of rental income.
Taking the average UK rental value for October 2017 of £909 per month, a void period of just 2 weeks would cost a landlord £424.20 in lost rent.