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chrissa1 | 22:26 Tue 15th Jun 2021 | Business & Finance
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Why do some estate agents demand a six month’s rent in advance?

I’m moving down to Southampton to be near my daughter and besides the rental cost being double what I’m paying in Northumberland, there are a lot of estate agents that demand this, too. Why?


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because people bail on the rent?
It's basically to stop people using properties as if they were 'holiday lets'.

Holiday lets, and other short-term rentals, tend to charge higher rents than other properties do. That's because the landlord risks ending up with lots of periods without any tenants.

With a 'normal' rental property, the landlord needs to have the security of knowing that a tenant isn't going to vanish after, say, just one month of living in the property, leaving him/her without a tenant (and thus without any income from the property for a while).

If that kept happening, and it took a month each time to find a new tenant, a landlord would only get 6 month's rent per year from a property.
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Yes but the fact I’m moving south to be near my daughter should warrant some trust,
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My current landlord accepted one months rent as the deposit. Which I will get back when I move out.

I don’t understand. When my daughter spoke to them it was that or nothing. She hung up the phone.
Like Chris has said, some people will sublet for more money than the rent.
Since 1 June 2019, the maximum deposit that landlords can insist upon is equivalent to just 5 weeks rent. So, in order to ensure that they've got a bit more money to play with if a tenant trashes a house within a short while of moving in, more and more landlords are insisting upon 6 months (or even more) rent in advance.

Further, many (most?) landlords simply go along with the standard way of working that letting agents like to work with. That typically means an insistence upon 6 months rent being paid in advance.
Landlords could be short income and they want more months up front to tide them over.

Just because someone 'phones them up to say she's your daughter and you want to be nearer doesn't mean it's true does it?
Is there a big demand for short term holiday rentals in your part of Northumberland?
There certainly is in Southampton and that is why the landlords want 6 months rent in advance.
what a pain! sounds like you need to find someone who is renting as an individual rather than via agent. local fb groups or used to be cards in newsagents' windows

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