According to property portal Rightmove, average rents in the UK housing market have reached a new all-time high of £1,088 per calendar month, an astounding +10.8% higher than last year and +15% more than pre-pandemic levels. In its quarterly Rental Trends Tracker, the real estate portal Rightmove revealed the most competitive rental market ever, with an increase in tenant demand of 6% and a 50% reduction in the number of properties that are now available on the market.
Many tenants in the market are dealing with the most competitive rental market ever observed as the disparity between rising tenant demand, and the dwindling supply of homes continues to push growth in asking rates. There are rental homes available due to the more than threefold increase in tenants looking for housing, giving landlords a wider selection of qualified applicants for their properties. Experts, including letting agents in Winchester, opine the factors influencing supply and demand are numerous.
Tips for finding affordable rental homes in the UK
Finding affordable rental housing in the UK can be challenging. Landlords and letting agents have the right to charge what they want for a property, and it’s often difficult to compete with other tenants who will pay more than you. However, there are some steps you can take to make finding affordable accommodation easier:
Research the Market
Researching the rental market will give you an idea of what’s available, what kind of price range you can expect to pay and where you might find properties. You could also consider looking at the rental market in other areas. For example, if there’s an area that looks like it might be cheaper than your own local area but still has good access to transport links, etc.
Understand Your Budget
Understanding your budget is the most important step in finding a home. If you don’t know what you can afford, how will you know if it’s enough to cover the monthly rent? The goal of this step is to help you figure out what’s reasonable for your current lifestyle and situation.
What does affordable mean?
Affordable is subjective, but it generally means that the cost of living should fit comfortably within one’s means—meaning that after paying for housing and other necessities (food, transportation), there should still be some money left over for entertainment or savings. The rent should take up no more than 30 percent of ones total monthly income. For example: If your monthly salary is £2,000, then £600 would be considered a reasonable amount to spend each month on rent alone—this would leave £1,400 available for other expenses such as food/gas/bills etc…
Look for Short-Term Rentals
If you’re looking for something temporary, or if the property you want isn’t available on the open market, short-term rentals may be your best bet. There are several websites where people can list their properties as short-term rentals. The most popular site is Airbnb (www.airbnb.com), which offers more than 5 million listings in 190 countries around the world and has been used by over 60 million guests so far!
Consider Renting a Room in a House Share
If you’re looking for a convenient and affordable place to stay, consider renting a room in someone’s home. Room shares are becoming increasingly popular as people look for ways to bring down their living costs. They’re also a great option if you want to live in the UK but don’t have family or friends already there who can put you up while you look for somewhere to rent.
If you decide that this is the best way for you to find accommodation, here are some tips on how to find one:
- Contact local letting agencies – these will often have listings of rooms available in local homes, as well as other types of accommodation such as flats and houses with shared living spaces like kitchens and bathrooms.
Finding affordable rental accommodation can be difficult, but it’s not impossible. An expert letting agent will be able to help you find the perfect home for your needs. They’ll also be able to guide you through the process of renting a home in the UK and explain any additional costs associated with renting a property there.