LONDON - Many prospective tenants have had to act fast and bid high to secure a home in a competitive rental market fuelled by high tenant demand and a dwindling supply.
Stories abound of prospective tenants being asked to pay 12 months' rent upfront to secure a property, offering more than the asking price and detailed background checks.
Housing body Propertymark found that for every 10 new prospective tenants registering in its member branches in February, there was only one property available for rent.
Matt Hutchinson, director of SpareRoom, a popular flat-sharing platform, said the hardest part for renters is "getting the attention of the landlord".
"Most people aren't even getting a viewing," he added.
London rents have historically been higher than the rest of the UK but in the first quarter of this year they have sky-rocketed, a SpareRoom study said.
Now, the average room rent in London is at a record high of £952 (nearly $1,200) per month.
As mortgage rates and other cost-of-living pressures jumped last year, landlords passed on costs to tenants or simply chose to sell, pushing up rents and squeezing already hard-pressed supply.
This is the "hardest time we've ever seen for renters, and we've been running the site for 20 years now," says Hutchinson.