Competition for rental properties is now so fierce that prospective tenants face the scenario of having to bid against each other in order to secure somewhere to live.
A new website, Auctionlets.com, is set to go live in the coming days and it will provide a platform for tenants to pitch directly to letting agents, who will welcome sealed bids in order to achieve the highest possible rent for a home, reports the Guardian.
Plenty of landlords have already signed up to the new website, which offers them a chance to secure the most income possible.
The news source told how recent figures show rising house prices and high rents are forcing many young adults to stay in the family home, with 3.3 million people aged between 20 and 34 thought to still be living with their parents.
Another trend that has emerged in recent times is that of group viewings and open days for properties that are available to rent.
Critics have described this as an awkward and uncomfortable experience, as they battle with other viewers to check out rooms and ask questions about their possible home.
Jemima Codrington, 27, a freelance writer from Edinburgh, recently checked out several flats in group viewings when she and her partner were searching for a home in the city.
"We weren't given much of a choice in terms of viewing it alone or in a group - the agent told us when to view, and we had to agree. The idea of a group viewing applies pressure to what is, in my opinion, an already stressful situation," she explained.
With demand for rental properties and rooms clearly extremely high, it remains a good time for landlords to expand their property portfolios and cash in on the large pool of prospective tenants in the market.
Glenn Nickols, founder of The Tenants' Voice, said that people should steer clear of any agent who tries to play tenants off against each other.
Published on: January 29, 2014