Tenants Should Want The 'Best Tenants Possible' Paul Shamplina On Why Tenants Should Provide Cvs

In the ever-evolving world of property rentals, a fascinating shift has taken place. Landlords are now employing extreme vetting procedures, including requests for CVs or links to social media profiles. The rental market, already at its most challenging, has seen tenants facing these demands. But the question arises: Are these demands fair?

The Rental Market at Its Zenith of Toughness

The current state of the private rental sector is nothing short of a battleground. Demand has surged by 50%, while available stock has dwindled by 35%. Landlords are leaving the sector in droves, and in London, the average rent stands at a staggering £2,400 per month. Yes, you read that right! That's £24,000 a year, and wage growth simply can't keep pace. It's a dire situation, especially for renters.

In this high-stakes game, some landlords have taken a rather unconventional approach, requesting tenants to put their best foot forward, much like submitting a CV or LinkedIn profile. The question that lingers is, what does a LinkedIn profile have to do with one's ability to pay rent? Well, it boils down to landlords seeking to make informed decisions about a tenant's financial capabilities and affordability.

But is this extreme vetting practice justified, or is it simply an opportunity to be snobbish and discriminate against prospective renters?

The Tug of War Over Affordability

The affordability equation has become increasingly complex. In an era where 39% of one's income goes toward housing, it's not surprising that landlords want to ensure that tenants can comfortably meet their financial obligations. Traditionally, bank statements were the measure of choice, but now, it's all about the tenant's best presentation.

Picture this: Over 110 eager tenants vying for a single property near Richmond. What did one tenant do? She put her best foot forward and presented herself as the ideal tenant, armed with a compelling explanation of her suitability.

But what about the landlords? Are they merely making choices based on someone's looks or perceived job status? Well, it's not just about looks; it's about ensuring that a tenant can pay their rent. The landlord's worst nightmare is being stuck with a tenant who won't pay the bills. The consequences can be dire, taking months to resolve.

The Tenant Psyche: The Age of Online Searches

In today's digital age, a staggering 92% of property searches are conducted online. Tenants are more focused on the property itself than on who the landlord might be. The affordability issue looms large.

While it's not a common practice, there's an underlying shift in the way tenants approach the renting game. Submitting a CV or a LinkedIn profile might be the ticket to distinguish themselves from the competition. The psyche of tenants needs to adapt to this new reality.

The Ever-Changing Market

As the housing market undergoes seismic shifts, a significant number of landlords have one to three properties, often having moved away from their original investment. While some treat this as a business, it's vital to remember that tenants are customers, and they're funding the landlord's income.

However, there's a systemic issue at play here. With a severe shortage of social housing and insufficient investment in this area, private landlords become the default providers. Yet, these same landlords often face criticism for their practices.

In a world where social housing construction has been almost non-existent, the pressure on the private rental sector has intensified. The ultimate sufferers in this scenario may well be vulnerable tenants. With the abolition of a non-fault notice called 'section 21', referencing for tenants on benefits is becoming even more stringent. Housing benefit tenants could find themselves at a disadvantage when competing with private tenants who can pay substantially more each month.

In conclusion, the landscape of the rental market has transformed dramatically, with tenants facing extreme vetting demands. As the market continues to change, a balance must be struck between protecting tenants' rights and ensuring landlords can maintain viable investments. It's a challenging environment, and for the most vulnerable tenants, the stakes are higher than ever.