Things to Think About Before Renting Property

Renting is becoming an increasingly prevalent living situation for individuals and families across the UK. Demand for rental homes had risen by 23% between November 2021 and 2022, an increase precipitated by a number of factors – including hikes to both property values and mortgage rates, further pricing out first-time buyers.

Whether you are leaving halls of residence and living in your first independent property or moving with your family to pastures new and hoping to save for a home, you may be part of that demand. But what should you be thinking about before actively entering into a rental agreement with a landlord?

Location

Before you start booking viewings, it is important to narrow down your options in a number of ways – the leading of which should be location. Location is paramount in choosing your new home, and just as much so when renting as it is for buying. Your location dictates how easy it is for you to access local amenities, travel to other areas or make your morning commute.

There is also a key socio-cultural component, wherein your neighbours and wider local community have their own impacts on the ‘flavour’ of an area. When researching, you should ensure that the areas you are looking at chime with both your logistical needs and community needs.

Budget

The next-most important factor, unavoidably, is budget. A large majority of rental agreements do not fold in utilities costs, meaning your rent is only a portion – albeit the largest portion – of your monthly property outgoings. What can you truly afford, and what does this mean for the number of bedrooms or bathrooms in prospective rentals?

Location can also play a big part in budgetary concerns. Rent prices have regionality, with more populous and central city regions attracting higher rent prices than more removed suburban areas. Locations with higher crime rates also see a relative reduction in rent prices. As such, if you have aspirations to live in a certain area but not the budget for it, you may have to moderate expectations in other areas.

The Contract

It is important that you understand the nature of tenancy agreements, and your rights and responsibilities as a tenant, before you sign anything. As a tenant, you are not responsible for the repair or maintenance of property and appliances owned by the landlord – but you are responsible – and indeed liable – when it comes to damage caused by you. For this reason, renters insurance comes recommended as a way to cushion costs incurred by accidents or incidents.

The contract will also enshrine some specifics about the nature of your tenancy. As an example, your prospective landlord may or may not be providing furniture and white goods as a part of the rental. If they are providing all furniture and appliances, as with a majority of student rentals, then the property is a ‘furnished’ one and the contract will enshrine tenants’ liability for furniture items as well as general property condition.