The proportion of British households renting privately is expected to rise by 24% by the end of 2021, according to a report examining the private rented sector.
The report from UK property consultancy Knight Frank forecasts that growth will continue with 5.79 million households renting privately by 2021, up from around 5 million today.
As the number of people privately renting in the UK is already at record highs and looking to increase, it pays to know your rights as a private tenant.
The survey revealed that 68% of all tenants questioned expected to still be living in private rented accommodation in three years’ time.
As issues can arise for both landlords and tenants, it’s important to know your rights in the event of a dispute or a problem.
A letting agent will usually be the first point of contact for most when looking for somewhere to rent, but prospective tenants should be aware that they can come with extra fees.
Before you start renting, you may be charged for setting up a tenancy agreement, conducting an inventory, checking references and credit reports, and registering your security deposit in a government-approved scheme.
The Consumer Rights Act 2015 has made it a legal requirement that letting agents in England and Wales must clearly display all their fees at their business premises and on their website.
Transitioning from renter to buyer
While the survey showed that 37% of renters are doing so by choice rather than having issues around the affordability of owning a home, 30% of respondents did said they were renting still in order to save enough for a deposit to buy a property.
Buying or selling a property is an exciting experience but it can also bring unexpected challenges, particularly when it comes to dealing with estate agents.
It’s worthwhile paying close attention to your contract when working with an estate agent, as this will inform your rights if you want to pull out of your house sale or you feel that your estate agent isn’t getting the job done for you.