Now it's the tenant's turn to get gazumped - Mortgages, Money - The Independent

Now it's the tenant's turn to get gazumped - Mortgages, Money - The Independent

Gazumping used to be the scourge of the housebuyer, but now, it's hitting the rental sector as well.

Tenants who are already paying through the nose after a year of rising rents face even tougher times ahead as competition for properties heats up. New research by FindaProperty.com shows that one in eight of those looking to rent has experienced rental "gazumping" in the past year, being outbid at the last minute by tenants with deeper pockets.

"This gazumping trend seems to be here to stay for the time being and it's spreading," says Nigel Lewis, an analyst for FindaProperty. "Agents are there to get the best price for the landlord and will pass on better offers so it is quite dog-eat-dog at the moment."