Tenants across the UK are concerned that rental prices are ‘too expensive’, according to a comprehensive survey by the online letting agency I Am The Agent. Around 80% of all respondents to a tenant survey said that they felt renting a property was putting a strain on their finances – with just one fifth of tenants asserting that their rental prices are ‘average’.
Around 40% of those polled by the self-service letting agency confirmed that above 40% of their income was dedicated to rental costs – just one respondent was found to be spending less than 10% of their household income on renting a property. Half of those who admitted their rent was expensive ranked the outlay as ‘far too expensive’, suggesting a real disparity in income and rental prices for thousands of tenants across the country.
The figures are revealed as I Am The Agent’s survey also confirmed that tenants in the UK are wholly pessimistic about their chances of getting on the property ladder at any point, with the supreme negativity attributed to the skyrocketing rental prices that have swept the country in recent years.
Rebecca Peach, Founder and Director of I Am The Agent, says, “Tenants all over the country are becoming increasingly concerned about their rental costs – and for good reason. Back in June, the HomeLet Rental Index saw the average UK rental amount hit a record high of £811 per month, and eight of the twelve regions tracked saw rental prices rise during this month. We’re seeing the cost of renting a property rise faster than inflation and tenant income, creating a difficult market for the legions of tenants in this country to navigate.”
She adds, “With buying a property off the table for many of the population, moving into rented accommodation is the only viable solution – creating a perfect storm for landlords to increase prices and boost their own profits.”
I Am The Agent offers a comprehensive service for both landlords and tenants looking to minimise the cost of renting a property online. Traditional estate agencies can charge exorbitant fees for putting together tenancy agreements and arranging viewings. I Am The Agent puts the power in the hands of the individual – and this is reflected in the fixed-fee packages offered by the virtual lettings agency.
Landlords utilising the innovative platform provided by I Am The Agent can choose from four service levels, with prices starting from just £19.00. Letting an entire property can be as cheap as £99 including everything from ‘To Let’ boards, EPC certificates and access to the comprehensive members’ area on the I Am The Agent website, allowing landlords to arrange their own viewings and manage their own tenants. There are also a range of managed let services that allow landlords to focus on other elements of their lives, safe in the knowledge that everything from their rent to their repairs is handled by the team at I Am The Agent.
Tenants searching for a property that fits their budget can also breathe a sigh of relief when using I Am The Agent – the online estate agency doesn’t charge any tenant fees for matching them up with a landlord and their dream property. The expensive process of renting is offset by a removal of the traditional agency fee, allowing tenants to focus on making their new property feel more like home.