Tenants face challenges all over the country, but nowhere more so than in London. From cut-throat competition to unscrupulous landlords, there’s seemingly no end to the difficulties that renting poses in the nation’s capital.
Yet by being familiar with rights as renters and the common risks they face, tenants can better protect themselves and fight for a fair experience. So, what are the main things to watch out for?
In this article, we’ll share five risks tenants face in London.
Rent inflation
Rent inflation is common in many large cities like London, especially when there’s a shortage of housing Combined with high demand driving up prices. There’s a greater risk of this problem whenever interest rates are increasing, since landlords face higher mortgage costs and increase rent in order to preserve their profit margins.
High deposits
Putting down a deposit is standard when renting, frequently charged as a percentage of rent. This means that when rents are high, tenants tend to have to pay high deposits too. Yet the amount asked for a deposit isn’t always the same, with some landlords charging significantly more than others. This makes it impossible for some tenants to afford the entry costs to renting, preventing them from finding homes.
Partial refunds
It’s bad enough that some tenants face extortionate deposit charges. Yet sometimes landlords don’t even pay deposits back in full. This can happen even when the tenant has taken perfect care of the property and deep cleaned it before moving out. As well as taking out renters’ insurance that protects against accidental damage, tenants should take photos of any existing damage they find when they move in. This way they have photographic evidence should the landlord try to use pre-existing damage as a reason not to pay the deposit back in full.
Low privacy
Tenants are entitled to a reasonable amount of privacy in the property they’re renting. Yet sometimes landlords don’t provide this, dropping in unannounced under the pretext of checking on the property. This can be a serious nuisance for tenants, who may have made plans to entertain guests or are simply want to relax without unexpected surprises.
Unhealthy environment
Landlords have responsibilities to maintain reasonable living conditions in their properties. Yet many tenants move in only to find that their new rented home is rife with health hazards like mould or pests. Negotiating with the landlord to solve the problem can cause further difficulties, with many landlords unwilling to spend the necessary time and money.
The bottom line
There are many problems that come with renting in London, ranging from larger economic issues to challenges with landlords. If tenants learn their rights and what to watch out for then they’re substantially less at risk.
