Resi tenants overpaying rent to secure properties

More than one in seven private tenants are “overpaying” to secure a home. Average UK rents have increased for the sixth quarter in a row as shortages of available properties continue to drive up costs, according to the Deposit Protection Service, a government-authorised scheme that keeps tenants’ deposits safe. It found that the typical rent paid in the first three months of this year was 6.1% higher than 12 months earlier and stood at £849 a month – up from £800. The DPS said a survey of tenants it carried out earlier this year found that 15% of respondents said they had paid more than the advertised rent to secure their property. Of those, 43% said they had paid over the odds because they were “desperate to secure a property”, while 26% said there was nothing else on the market. A further 11% said the agent had asked them for their “best offer”, another 11% said they overpaid because they loved the property, and the remaining 9% did not give a reason for overpaying. The Guardian