Why Landlords Love ‘Rent Ready’ Tenants and How to Be One of Them

Tenants can stand out in the competitive lettings market by being ‘rent ready’ before looking for a new place to live. With an average of 21 people vying for each rental that comes on the market*, competition in the sector is fierce. So, how can tenants avoid the frustration and disappointment of missing out on a great property?

Why Landlords Love ‘Rent Ready’ Tenants and How to Be One of Them
The answer is to be ‘rent ready’.

What is rent ready?
Rent ready is a term used to describe a prospective tenant who has their documentation prepared and deposit together. They can also move in quickly should they get the go-ahead from the landlord.
It’s not hard to understand why rent-ready tenants are so appealing.
Before a landlord can greenlight a tenant, they need to run checks to ensure that the candidate can cover the rent and will take care of the property.
When a tenant has all the relevant documentation (along with their deposit) together, it saves everyone time. It also sends a signal to the landlord that the tenant is reliable and organised.
Then there’s the issue of being ready – or almost ready – to move. No landlord wants their property sitting empty for a long time. While void periods are a part of life as a landlord, typically, a landlord won’t want a gap of more than four weeks between tenancies.

How many tenants are organised?
At least a third of renters start the property-hunting process before they’re rent ready.
A recent survey** found that 32% of tenants didn’t have their rental deposit together and 45% didn’t have a reference from a previous landlord.
Meanwhile, 34% said they weren’t ready to move straight away.

Give yourself the advantage
Get your paperwork and deposit together before looking for a new rental home.
A landlord will need to check your ID, review your credit history and look at references from former landlords and your current employer. They may also want to see payslips and bank statements. Have all these in one place to streamline the process (there are apps that can help you do this).
Also, consider the timing of your search. Typically, the turnaround between a tenant lodging an application and moving in is about two to four weeks (this allows for the referencing process, tenancy preparation and time for any notices to elapse).
If a tenant falls short during the referencing process, a guarantor might be required, so have the details of someone who can act as guarantor ready, just in case.

Do you know someone who would find the information in this article useful? Please share it with them.
*Source: Zoopla Rental Market Report, September 2024.
**Source: Research by tenant app Tlyfe.
 

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  Hello, my name is Abigail, and I am the Grey in Grey & Co. I started working here in 2002 as a Junior Negotiator and have worked my way up the ranks since then. I took over running the company in 2014 and have been enjoying the roller coaster that is leadership ever since.   During my 20 plus years at Grey & Co I have dealt with the sale of over £100,000,000 worth of property and overseen the management of assets worth £250,000,000 for clients around the world.   I also had the pleasure of working with my father, the founder of Grey & Co, for 15 years before he sadly passed away and from him, I learnt the work hard ethic and our values today are still the ones that he founded the company on all those years ago.   Be Remarkable, Be Passionate, Be Humble and Be Better.   As a community centric boutique family agency, you couldn’t find a better partner to take with you on your property journey.

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