Bidding wars, cash up-front and ‘auditions’ – inside Britain’s broken renting market

Young professionals seeking private rental property tell of hundreds' applying for the same let

Beth Holloway seems like the ideal tenant. The civil servant, 23, has a stable job, good references and earns a decent salary. And she doesn't smoke or have pets - factors that are often a disadvantage in a fiercely competitive market.

But after three months of flat-hunting in London, involving hundreds of enquiries to agencies, two dozen viewings and 10 offers on properties, she says she cannot take it any more. Each time she and the friend she had planned to live with put in an offer on a property, they were outbid by someone else. We've offered 200 over [the listed price] and not got it because someone else offered six months upfront. I've heard of people offering 500 or 600 over or offering to pay a year upfront in cash," she said.