As you may be aware, the rental market is currently facing a crisis in many parts of the country, with vacancies at an all-time low and competition for properties at an all-time high. This has made it increasingly difficult for tenants to secure their next rental property, causing a lot of stress in the process. To help you navigate this challenging time, our rental property experts have compiled our top 10 tips to help you find and secure your next rental property in this competitive market.
Attend inspections promptly
Ensure that you attend the first advertised inspection for a rental property. If you miss it, someone else may secure the property before you even get a chance to view it. If inspection times aren’t listed, contact the property manager to arrange a viewing as soon as possible.
Put your best foot forward
Be friendly, polite, and presentable. Even if you miss out on the property, the property manager may keep you in mind for future rentals. Keep in mind that a great impression is more likely to lead to a great result.
Consider the landlord’s requirements
During the property viewing, take the time to talk to the property manager/leasing agent and let them know how your situation would fit the property. If the property is a small cozy home, let them know how that type of home suits your lifestyle. Show interest in what the landlord may be looking for in a tenant and highlight your suitability.
Account for your rental history
Tenant checks provide property managers with all the necessary information to determine your tenancy viability. If you have past breaches, it’s important to be aware of these so that you can be transparent when you submit your application.
Be honest about any past issues
If something has gone wrong in the past with a rental, such as an eviction or bond return issue, this may be listed on a tenancy database. Property managers and landlords may check these databases when assessing applications, so it’s best to be upfront and let the property manager know about any prior issues and explain how you resolved them or intend to do so.
Prepare your application in advance
In a competitive market, property managers get inundated with rental applications, so it pays to prepare your application beforehand. Application forms can usually be found online, allowing you to fill them out before the inspection and upload identification and other supporting documents such as proof of income, utility bills, and reference details. Once you’ve seen the property and want to apply for it, you can then submit your pre-filled application straight away.
Write a cover letter
While it’s not standard practice, a cover letter could be helpful in distinguishing yourself from the competition. It’s an excellent opportunity to give a fuller picture of yourself and your situation, reiterating your viability and explaining any gaps or breaches in your rental history.
Prepare your references
The final step property managers take in the tenant decision process is to check references. As a courtesy, it’s good practice to inform your referees ahead of time. Consider providing a few extra references as a contingency.
Prepare your finances
Make sure you have your bond and the required number of weeks’ rent ready in advance. You may tick all the boxes during the rental application and reference process, but you will miss out on securing the property if you don’t have the funds ready. Paying the bond and deposit, or initial rent, will be the final step in securing the property, along with signing the tenancy agreement.
Once you’ve applied for a property, be on standby ready to respond to calls or emails from the property manager and make sure you have everything ready if you are approved. If you are approved for a property and have other applications pending, withdraw any other applications quickly so as not to waste anyone’s time or have
Get in touch with our team to learn more about rental tips and our current rental units available.