Accommodation - Private Renting
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Accommodation - Private Renting
When you have identified suitable accommodation you will need to speak to the estate agent or property owner to negotiate a deal to rent the property. Here we provide you with guidance on the private rental market and how to communicate with property owners, and what to consider when you've identified suitable accommodation to rent during your studies.
Deposit and Rent
When you have identified a suitable property, you will need to speak to the estate agent or property owner to negotiate a deal to rent the property. It is important to present yourself as a strong, reliable tenant. You can do this by ensuring you have access to the documents required for the ‘right to rent check’ and respond to requests for information in a timely manner. You may also be asked for evidence of finance or income. It will be worthwhile having recent evidence of bank statements and pay slips. If you have secured part time work, evidencing a UK-based income may be useful.
Please note that you may also be charged for the administration of the estate agent in arranging the rental of the property. The charge may vary , but will mostly be between £100 - £300.
Depending on the property owner, you may find that you are asked to provide a substantial deposit. This is increasingly common and is partially due to the demand on the housing market in the area. Deposit requests may vary from double the monthly rent, up to paying for the full year upfront.
It is very important that you understand the financial requirements of renting in the UK and have access to the funds to enable you to secure the property. If you do not arrive in the UK with sufficient funds, you will struggle to find accommodation.
UK Guarantors
Some Landlords may require you to have a guarantor.
A guarantor is an individual or organisation who will pay your rent if you cannot, ensuring the property owner still receives their income. If your guarantor cannot pay, this may result in legal action. Having a guarantor may also help you avoid a significant up-front cost, such as a substantial deposit.
An increasingly popular option for students is to use a guarantor scheme, particularly if you do not have access to a UK resident with an income who is willing to be your guarantor. Housing Hand are a guarantor scheme for students who are seeking financial support to secure a property. Please note that this does incur a fee, so do consider all the above options carefully before you proceed. You may also find that some estate agents or property owners do not accept guarantor organisations, only individuals who are residents in the UK with an evidenced income.
If you do know somebody in the UK willing to act as your guarantor, please ensure that they are fully aware of the circumstances of your rental agreement and complete all paperwork appropriately.
Top Tip
It is important to reiterate that it may take a substantial amount of time to secure a property. Therefore, refer to the information within the short-term accommodation section for advice on what to do whilst you are looking and negotiating for your longer-term arrangement.
Please don't get disheartened if you show interest in a property but you don't manage to secure it. You need to be prepared to keep trying to find a suitable property until you are successful. The property market is competitive, but remain patient!
Resources
The Home Office have produced guidance on renting in the UK, which can be accessed here. This includes advice on understanding the process of renting a property, and what may be expected of you, and the property owner, throughout the duration of the tenancy.
The local authority have also produced an excellent private rental checklist to guide you through the process here.