Rent in haste, repent at leisure
Over a quarter of tenants (27%) say they were rushed into entering their tenancy agreement, according to research by Ocean Finance.
But half of them now regret their hasty decision.
The rentals market is so competitive that 1.5m tenants (8% of renters) signed their tenancy agreement on the same day they first viewed the property.
18 to 24-year-olds are the most likely to act hastily when renting with almost half (46%) saying that they felt rushed into signing. By contrast, just 1 in 6 (17%) of those aged over 55 felt pressured to sign quickly to secure the property.
Regrets, I’ve had a few
Of tenants who felt under pressure to sign their agreement, half say that they wish they hadn’t done so.
The main reasons for regret were that the property is too cold (10%), too small (9%) or needs too much work doing to it (9%).
Ian Williams, Ocean’s spokesperson, said: “Our figures demonstrate just how hard it is to rent a property across much of the UK. The best properties are often snapped up within hours or even minutes. As a result, would-be tenants feel under pressure to sign quickly to secure the property. Sadly, half of those go on to regret their haste, finding themselves in a home that they don’t like or which doesn’t suit them.”