Spread the cost out so there's less to pay upfront

I've recently moved to Cardiff for work and found trying to secure somewhere to rent very fast paced and comptetitve. Me and my housemate travelled two hours to view properties on one day, most of which pulled out on the day because they had been secured by other tenants. Consequently, every time we viewed a property we were faced with pressure from the letting agent who would say there was 'no guarentee' the next viewer wouldn't take it. The problem was that they all charged vastly different amounts for their 'admin fees' and because competition for properties was high it was difficult to 'shop' around for a better deal. This, along with needing half a months rent to secure the property, a bond and then the rest of the months rent in advance made things very tight financially. As a condition of being allowed to rent the property we also had to buy a specific 'tenants liability insurance' which was very conveniently offered by the letting agents sister company (and nowhere much else). After already so much expense it was an unexpected extra. I had to use my credit card to pay the fees (and so am now paying even more in interest). I think that even if this Bill makes rent slightly higher each month, at least this is more manageable than having to pay everything up front and might avoid people getting into unnecessary debt. Would be good to see something in the Bill which safeguards rental prices to some extent and perhaps caps how much tenants are charged for the services of letting agencies (even if it is spread out in the monthly rent amounts). All upfront costs and timeframes should be somewhere visible and accessible on their websites too.

Why the contribution is important

It protects tenants while understanding that letting agencies are businesses.

by PrivateTenantCardiff on July 09, 2018 at 08:20PM

Current Rating

5.0
Average score : 5.0
Based on : 2 votes

Comments

  • Posted by letdownwales August 24, 2018 at 11:27

    Agents insisting on you buying tenants insurance seems worryingly common these days! Just another way to get money... renters don't have a choice to rent. The risk is taken by the landlord, it's absurd that they pass it on to the people providing their livelihoods.
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