Tenants looking to rent are getting gazumped as demand rises!
In some areas tenants are even being asked to submit sealed rent bids in an attempt to secure a rental property.
In London especially, rents have risen by over 30% in some areas, further fuelled by the recent revival in the City. In some areas of East London for example some properties that were previously renting for £350 a week are now almost £500. Gazumping is growing because young professionals are struggling to buy properties.
It’s believed that the high demand for rental properties seen earlier in the year is not slowing down and if anything, demand is rising even more.
It means many students are struggling to find somewhere they can afford to live as others find many properties are snapped up almost as soon as they come on the rental property market..
As well as the rental market in general booming in London across the land the market for shared flats is also booming in cities such as Birmingham, Manchester and Glasgow in Scotland.
With demand so high, those who keep there eye on the market, keep in regualr contact with letting agents and move quickly can still get rental properties, others, well, its becoming more and more difficult as most letting agents generally operate on a first come, first served basis.