Finding, moving into and living in a rented home in the UK can often feel like it's expensive, competitive and old-fashioned process.
But not for much longer. Here are some of the new ideas and trends we've discovered that may soon become an accepted part of renting your next home.
Instant rentals
It will soon be normal to walk into an apartment block and then spend just an hour signing up to rent one of the flats, including paying the deposit plus the first month’s rent, being referenced and getting access to the property via a digital key.
Portable tenancies
Portable tenancies are already being trialled which enable tenants to pay a landlord a monthly rent but live in any of the apartments available across a network of property developments both in the UK and abroad. It's a bit like a renting version of a timeshare holiday home.
Ageing renters
Despite the best efforts of the government to build more homes, the average age of a first time buyer will have reached 40 years sold. This may be a shocking prediction, but in some ways it’s what happens in Germany now - many people there rent until much later in life.
Kitchen confidential
The pressing need to make the most of the space we’ve got in our crowded cities will mean the luxury of a personal kitchen is likely to be available only to wealthier renters. It’s already happening - some student and starter ‘micro apartment’ developments in London already offer tenants just a microwave and sink, so for more complicated cooking they have to use a communal food prep area.
Landlord extinction?
Most rental properties are owned and let out by amateur landlords with just one or two properties in their portfolio. But by 2029/30 the government’s efforts to force them out of the market may well have had the desired effect as their profit margins are squeezed, tax bills rise and red tape becomes too much to overcome in their spare time.
Lets go online
Most tenants rent a property without visiting the offices of a lettings agency, as they used to, and in ten years’ time that process is likely to have come to its inevitable conclusion as many letting agencies become ‘hybrid’ offering a personal and high-quality service but running their businesses from premises off the high street.
Key facts
The technology already exists to enable tenants to enter and exit their homes without the need for a key by using their mobile phones to swipe in and out. It’s already being used by a handful of hotel chains, and several on-street car hire companies use the technology too. It won't be long before lugging around a set of keys will be seem like an alien concept.
Packed lifestyle
In the US people move around a lot more than they do in the UK as they change jobs, circumstances or just the scenery. This is a trend likely to play out here, too. To make life easier, people will keep their ‘stuff’ to a minimum to enable easy and quick home moves. Do you really need that umbrella stand?
House rules
Owners of privately-owned houses with more than two unused bedrooms one day will be required by law to rent them out to private tenants and in return will be allowed to keep the rental income, tax-free. Families with children under 16 are likely to be exempt, as are parents whose offspring are still living with them years after they would have normally moved out.
CreditLadder can help you improve your credit score
If you want to improve your credit position by reporting your rent payments, CreditLadder is the only way to improve your credit score and position across all four of the main Credit Reference Agencies in the UK, namely Experian, Equifax, TransUnion and Crediva. Building up a high credit score has a lot of benefits, including helping you access finance at better rates - this can also help save you money.
CreditLadder also runs a free mortgage application service in partnership with Tembo which will tell you how much you could borrow.
Remember the information provided in this article is for information purposes only and should not be considered as advice.
