How to Find a Tenant for Your Rental Property in East London

Whether you are looking for your first tenant or you need to find a new tenant due to a current tenant moving out, finding good tenants can help to avoid potential issues such as missed rent payments. Finding tenants who want to live in the property for a long period can also minimise void periods when you are not receiving rental income.

There is a high tenant demand for east London areas like Bromley and Wapping due to good transport links into central London and excellent schools, so there will usually be a large pool of tenants to choose from when you have rented property in these locations. This gives you the opportunity to be selective when choosing your tenant, but it is important that you market the property effectively to attract the right type of tenants.

Based on our years of experience in helping landlords to find reliable and responsible tenants in Tower Hamlets, we have compiled some tips on how to find suitable tenants for your rented property.

How to find a tenant in east London

Before you put your property on the market, these are some of the key points to consider for finding the most suitable tenants:

1. Target the right tenants

The first step is to identify which types of tenants are most likely to want to live in the property type and area. The size of the property, number of bedrooms, local amenities, transport links and quality of schools will determine who is most likely to want to live in your rented property.

Decide whether you want to market the property to families, single professionals/couples or students, for example, and target the ideal tenant in your marketing. Think about the priorities of your perfect tenant – are they looking for good schools, modern fittings or affordable accommodation close to a university?

2. Instruct a local letting agent and set the right rent amount

Choosing a local high street agent who has a good understanding of the local tenant demand will help you to find the most suitable tenants, as they will market the property to appeal to the type of people most likely to want to live in the property.

Your estate agents will also be able to advise on the appropriate rent amount based on the local market. Setting the right rent is not only important for complying with regulations, but it will also attract more tenants and reduce the likelihood of tenants moving out to find a cheaper rental property.

3. Make the property attractive and prepare for viewings

To prepare your property for viewings and marketing photos, declutter and see to any minor issues that could put prospective tenants off. Make sure any outdoor space is tidy and freshen up any marked walls with a fresh coat of paint.

4. Advertise vacancies everywhere

When you are choosing your estate agent, check which property portals they advertise on and whether they use any other forms of marketing such as social media. The main portals are Rightmove and Zoopla, so you will want to ensure the property is advertised on these ones. The more exposure on property listings your rental property gets, the more potential tenants you should have to choose from.

5. Vet potential tenants thoroughly

Once your property has been listed on property portals, your agent should have a list of prospective renters, and the next step is to conduct tenant screening to identify good tenants who are more likely to be paying rent on time.

The screening process includes credit checks, requesting references from previous landlords, income verification from the tenant’s employer or references from the university for student housing.

6. Be responsive & easily reached

To ensure that everything goes smoothly, be responsive to any enquiries and try to be readily available to answer your phone during the process to avoid any unnecessary delays.

7. Follow all legal requirements

Landlords have many legal responsibilities to comply with, including conducting Right to Rent checks, as well as having a valid EPC, EICR and Gas Safety certificate for their rental properties. If you use property managers for your rental property, they will be able to support you with all the legal requirements.

How hard is it to find tenants for rental property in east London?

Generally, there is a high demand for rental properties in east London. With fast commuting journeys into central London and cheaper rents than prime London locations, it should be fairly easy to find renters. However, it is important that your property is in good condition and that rent is fair compared to similar local properties.

How much is a tenant find fee from a letting agency?

If you want to use a letting agent to find your tenant but not to manage the property, you can pay a finder’s fee. This will usually cost between 50% to 100% of the first month’s rent, or they may charge a flat finder’s fee of around £600 to £900. Preparing the tenancy agreement will usually be included in a tenant finding service.

How long does it take to find tenants?

In east London, finding tenants will usually take between 2-4 weeks. In areas where there is particularly high demand, it could take just a few days, especially if the rent amount is competitive. A local estate agent will often have a list of prospective tenants looking for properties in the area.

How to find a replacement tenant?

Once your current tenant provides you with notice that they are ending their tenancy, you can advertise the property and arrange viewings. You will need to provide the current tenant with at least 24 hours’ notice of any viewings. In many cases, landlords in east London can find good tenants ready to move into the property straight after the existing tenant moves out to minimise any void period.

Understand how to find tenants in east London?

We can help you to find good tenants in Tower Hamlets areas including Whitechapel, Bethnal Green and Wapping. We also offer a guaranteed rent scheme which protects you from the financial impact of missed rent payments, as you will receive 100% of your rent on time and in full.

Get in touch with our team to find out more about our services.