New research from lettings success specialists Dwelly reveals widespread renter frustration with the process of securing a rental property – but also highlights that much of the blame directed at letting agents may be misplaced.
In a survey of over 1,000 UK renters, 30% rated their most recent rental experience as average or worse, with some describing it as poor or even very poor.
Chief among the complaints were the lengthy timelines, mountains of paperwork, and poor communication from agents.
Almost half of renters (44%) said it took them more than four weeks to secure a rental once they started their search, while a further 22% said it took between two and four weeks.
SUITABLE PROPERTIES
The biggest obstacle? Finding a suitable property, which 60% of respondents ranked as the most difficult part of the process.
Even after a property is found, the process remains challenging. ID checks, referencing and other administrative paperwork were cited as major hurdles, with poor communication from letting agents also featuring in the top frustrations.
It’s little surprise, then, that 40% of renters found the overall process difficult, while just 12% described it as easy.
DRAMATIC CHANGE
Sam Humphreys, Head of M&A at Dwelly, says: “The rental market landscape has evolved dramatically over the years but despite the many improvements made, many renters continue to find the process of securing a property challenging and for the same reasons they did twenty odd years ago.
“As a result, as many as 30% of renters find the process of finding a rental property average at best, but it’s fair to say that this isn’t due to a lack of care on the side of letting agents.
“Demand for rental homes has exploded in recent years as soaring house prices have forced many to rent for longer. At the same time, the government’s consistent attack on buy-to-let landlords has reduced the level of stock available and so it’s no surprise that finding a suitable property is the biggest obstacle facing today’s renters.”
INCREASING PAPERWORK
And he adds: “We’ve also seen the level of paperwork and compliance requirements increase, which have put further pressure on letting agents who are already dealing with a high volume of applicants.
“The result of this operational strain is a perception amongst renters that letting agents aren’t on the ball and are poor at communicating, when the reality is they simply don’t have enough hours in the day.
“For today’s letting agents, the continued adoption and evolution of technology to help ease operational requirements remains of vital importance, as it not only allows them to operate better as a business, but it drastically improves the customer service levels they can provide to renters and landlords alike.
“This is why Dwelly places a strong emphasis on supporting letting agents with proven technology, enabling them to deliver faster, more efficient service.”
