Rental market madness

Telecaster · 11 Feb 2016 at 20:26

Is it just my area or is it like this everywhere?

I'm looking for somewhere to rent ATM, each time I've found something suitable it's gone before I've managed to contact the letting agency about it...

I thought it was all doom and gloom, zero hours contracts, no wage rises for 5+ years and everyone at the food bank? Yet rentals are barely advertised 24 hours before being snapped up :confused:

And we aren't talking housing benefit style flats above kebab shops here, I'm talking decent rents on decent places.

Caged · 11 Feb 2016 at 20:29

Telecaster said:
I thought it was all doom and gloom, zero hours contracts, no wage rises for 5+ years and everyone at the food bank? Yet rentals are barely advertised 24 hours before being snapped up

This doesn't make any sense at all. It's possible for wages to be pants but still enough to cover an absolute necessity, like a place to live.

Liquid_Entity · 11 Feb 2016 at 20:35

We moved out of our rental and were paying £1100 a month, it was ok but nothing special. When we told landlord we was moving out the rent went up to £1500 a month and it got rented within 2 viewings. Madness to pay so much for a dump in Morden.

ukxenon · 11 Feb 2016 at 20:35

The private rentals are been snapped up workers from other countries

Scam · 11 Feb 2016 at 20:47

Caged said:
This doesn't make any sense at all. It's possible for wages to be pants but still enough to cover an absolute necessity, like a place to live.

You're living in dreamworld mate!

Telecaster · 11 Feb 2016 at 20:48

Caged said:
This doesn't make any sense at all. It's possible for wages to be pants but still enough to cover an absolute necessity, like a place to live.

Not when you see the price of anything other than a **** hole.

muon · 11 Feb 2016 at 20:50

Landlords price rentals to go very quickly. What are you expecting?

Do you know how much even a weeks missed rental costs in terms of yield?

Caged · 11 Feb 2016 at 20:50

Scam said:
You're living in dreamworld mate!

I don't follow? I took the OPs statement to mean "things can't be that bad, people are still living in homes". People aren't going to make themselves homeless if they can help it, they just end up fighting to rent an absolute dive off a borderline criminal that eats 80% of their disposable income. I didn't say it was a good thing.

muon said:
Landlords price rentals to go very quickly. What are you expecting?

Do you know how much even a weeks missed rental costs in terms of yield?

How are you doing the calculations?

Illusion · 11 Feb 2016 at 20:52

muon said:
Landlords price rentals to go very quickly. What are you expecting?

Do you know how much even a weeks missed rental costs in terms of yield?

The answer will be completely different for every landlord so what was your value going to be?

muon · 11 Feb 2016 at 20:54

Caged said:
How are you doing the calculations?

Waiting 1 week at a higher price = lost gross income of 1/52 of annual rent with no guarantee you will even have a tenant after that 1 week.

So you try price it to go before the previous tenant has even left or very soon after.

Guest2 · 11 Feb 2016 at 20:55

I pains me to think I have spend ~50k on renting over the past 10 years.

I can also confirm that in Leeds city center, especially around July / August good properties disappear in a matter of days. I remember looking on rightmove and zoopla at properties that were advertised in the morning, then when I called they had been taken!

Suppose that means its a good time to buy

Telecaster · 11 Feb 2016 at 20:56

Caged said:
I don't follow? I took the OPs statement to mean "things can't be that bad, people are still living in homes". People aren't going to make themselves homeless if they can help it, they just end up fighting to rent an absolute dive off a borderline criminal that eats 80% of their disposable income.

I clearly said I wasn't talking about dives in my OP.

I'm talking about nice enough, but nothing special, flats that are £600+ p/m in areas where wages are pretty low and decent jobs are hard to come by.

I didn't mean "things can't be that bad, people are still living in homes" I meant things can't be that bad because people are still snapping up over priced rentals.

muon · 11 Feb 2016 at 20:57

Telecaster said:
I clearly said I wasn't talking about dives in my OP.

I'm talking about nice enough, but nothing special, flats that are £600+ p/m in areas where wages are pretty low and decent jobs are hard to come by.

I didn't mean "things can't be that bad, people are still living in homes" I meant things can't be that bad because people are still snapping up over priced rentals.

That's an opinion which is clearly wrong then.

Caged · 11 Feb 2016 at 21:04

Telecaster said:
I clearly said I wasn't talking about dives in my OP.

I'm talking about nice enough, but nothing special, flats that are £600+ p/m in areas where wages are pretty low and decent jobs are hard to come by.

I didn't mean "things can't be that bad, people are still living in homes" I meant things can't be that bad because people are still snapping up over priced rentals.

Yeah but people have to live somewhere even if it squeezes them financially. A place to live isn't like the majority of other things that you purchase where there's the option of not having it.

Tosno · 11 Feb 2016 at 21:16

Private landlords of the lowest and most vulnerable in society shouldn't even be a thing. Buying up first time homes to let is a disgrace. If they didn't love money more than God for just 1 day, they would be absolutely ashamed and disgusted by their actions. My heart bleeds for those stuck in the rent trap due to no fault of their own.

Orionaut · 11 Feb 2016 at 21:16

If all the rentals are being snapped up in no time!

The obvious conclusion is that the landlords are doing them selves out of a good deal.

They should be charging more!

Haggisman · 11 Feb 2016 at 21:23

Telecaster said:
Is it just my area or is it like this everywhere?

I'm looking for somewhere to rent ATM, each time I've found something suitable it's gone before I've managed to contact the letting agency about it...

I thought it was all doom and gloom, zero hours contracts, no wage rises for 5+ years and everyone at the food bank? Yet rentals are barely advertised 24 hours before being snapped up

And we aren't talking housing benefit style flats above kebab shops here, I'm talking decent rents on decent places.

My gf had the same issue trying to find a place in Bristol last September. She'd book a viewing for later that day or first thing in the morning, and get a call a few hours later saying it had already gone. She had about a month of it before she gave up and moved in with me

Tosno said:
If they didn't love money more than God for just 1 day

What's god got to do with it :confused:

SpeedFreak · 11 Feb 2016 at 21:26

Haggisman said:
My gf had the same issue trying to find a place in Bristol last September. She'd book a viewing for later that day or first thing in the morning, and get a call a few hours later saying it had already gone. She had about a month of it before she gave up and moved in with me

Bristol is insane in both rental and purchase markets. My neighbour has listed their (identical to mine) house for more than 50% more than I paid 3 years ago. They will probably get it :rolleyes:

A few of the guys working for me have found renting in the city a nightmare and similar to your girlfriend's experience.

Scam · 11 Feb 2016 at 21:43

muon said:
Landlords price rentals to go very quickly. What are you expecting?

Er no they don't. Landlords price rentals to make as much money as they can get away with...

muon · 11 Feb 2016 at 21:45

Scam said:
Er no they don't. Landlords price rentals to make as much money as they can get away with...

And your statement contradicts mine how?