Renting is definitely having its moment, with the number of households living in private rented property in Newport continually increasing.
In fact, an estimated one-fifth of the UK population now live in rented accommodation. This trend can be attributed to several factors, including the rising cost of homeownership, which has been further impacted by fluctuating interest rates making mortgages less affordable.
Additionally, shifting job markets that demand flexibility, and the growing appeal of urban living - where renting often provides greater convenience and access to amenities - are also contributing to this increase.
So, having established that renting is in demand – how do you go about renting the perfect home in Newport and securing a tenancy? Our top 10 tips will help you!
Top 10 Tips for Identifying Your Ideal Rental Property in Newport
1. Establish your budget
There is little point in starting to look for rental properties in Newport if you do not know what you can afford on a monthly basis. Imagine if you found your ideal property, only to find that you do not earn enough to be able to rent it.
Avoid unnecessary disappointment by going through your finances first and working out exactly what you can afford. Make sure you take into consideration your utility bills if these are not included in your rent.
2. Location, location, location
For most people looking for a property, the most important aspect of their search is finding a property in their preferred area. Think about how far you are willing to commute to work and if there are any family or friends that you want to live close to.
Try not to be tempted by properties large distances outside your preferred area, even if they are cheaper or larger, as you may regret it once you have moved in.
3. Do your research
Once you have established where you would like to live, it is a good idea to thoroughly research the area. If you have children or are planning to have them in the near future, then you should take into consideration the local schools as well as any nearby amenities for children, such as parks and leisure centres.
4. Do not rush the viewing process
Most property seekers now carry out their initial searches online, utilising virtual and video tours, but this can often lead to people disregarding properties before they have really given them a chance. Of course, searching for rental properties in Newport online has its advantages, but it is also important to visit potential properties in person to see if they could work for you.
5. Enlist the help of a letting agent like Freelancer Lets & Sales
You could choose to rent directly from a landlord. However, this is not without its risks. You may be lucky enough to encounter an experienced and trustworthy landlord, but it's always best to rent your property through a professional and reputable letting agent who knows the Newport rental market inside and out. Our family business, Freelancer, initially started trading as a property lettings agency in 2012, so we have many years of experience. From the first day of trading we became licensed members of ARLA, members of the Property Ombudsman scheme and accredited with the National Landlords Association. We are now licensed members of the Welsh Government’s Rent Smart Wales scheme.
As an independent family business, we are motivated to keep our customers happy. From the beginning of your sales or lettings journey we promise to give you our undivided attention. We'll get to know each other well so you don't have a stranger answering your calls. Many of our clients have become personal friends on Facebook - and we love making new friends!
As a small business we are able to act quickly on the leads we receive and we don’t believe in making people wait a week for a viewing!
6. Ensure your deposit is protected
If you have not rented before, then you may not be aware of the tenancy deposit protection (TDP) scheme. This scheme protects your deposit as your landlord is now legally obliged to place your money into a government-backed tenancy deposit scheme, as well as inform you of their chosen scheme within 30 days of you handing over your money. We use TDS and will always protect your deposit.
7. Always pay your rent on time
This goes without saying, but not only will this keep your landlord happy, meaning that they are more likely to help you out quickly if you encounter a problem with your property, but it could also boost your credit score.
8. Carry out a full inventory check
Although it is highly likely that your landlord has already carried out their own inventory check, it is a good idea for you to do one also. Otherwise, you could leave yourself open to disputes over damages and breakages when you decide to move out. It's also worth bearing in mind that should you get permission from your landlord to decorate your rental, and you will need to return it to its original state when your tenancy ends.
9. Take out contents cover
As a renter, your landlord is responsible for taking out building insurance. However, it is up to you to take out cover for your own belongings. Make sure that you shop around for the best content cover, as the costs can differ significantly from one provider to the next.
10. Keep an open line of communication with your landlord
You want to be able to rely on your landlord in case of an emergency or if you are experiencing any issues with the property, and they need to place their trust in you, too. They will want to retain reliable tenants as it can be both expensive and time-consuming for them to find new ones, so it works for everyone if the relationship is good.
Improve Your Property Viewings and Discover Your Perfect Rental Home
If you are planning on renting a property in the Newport area soon, why not get in touch. We'll be happy to advise you on our available properties in the area.
Contact us on 01633 856344 for more information.
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In the meantime, we've answered some of your common questions about finding a rental property in Newport.
Frequently Asked Questions About Finding the Perfect Rental in a Convenient Location
How can I utilize online resources to streamline my search for a rental property?
Explore online platforms to efficiently search for available property viewings and gather information, enhancing your overall rental property search experience.
What is the significance of a security deposit in a lease agreement?
A security deposit, typically 5 weeks' rent, provides financial protection for landlords and is a standard part of the tenancy agreement, helping cover potential damages or unpaid rent.
What is the recommended lease duration when renting a property?
Lease durations vary, but it's crucial to carefully review and understand the terms of your tenancy agreement, including lease duration and any renewal options, to ensure a comfortable and secure rental period.
How do I ensure my monthly rent payments contribute to a positive credit score?
Timely payment of monthly rent not only keeps your landlord satisfied but also has the potential to boost your credit score, establishing a positive financial track record.