Since Covid-19 hit, the Australian property market has changed, with many people leaving densely populated centres in search of sea of tree changes with more space and freedom to ride out the travel bans and lockdowns. This trend of internal migration led to a lengthy period of apartment vacancies and lower rents in out cities across 2021.
Now that life is returning to normal and overseas arrivals are back, this has caused the rental market to tighten up again, but this time in both our cities and regions, as remote working has become the new norm for many. To help you navigate this tricky time, see below top tips on securing a rental in a tight market.
ATTEND INSPECTIONS AS SOON AS POSSIBLE
Make sure you attend the first advertised inspection for a rental property otherwise in the someone might get accepted for the property before you even get the chance to view it. When a property doesn’t have any inspection times listed, be proactive and contact the property manager to arrange a viewing as soon as possible.
PUT YORU BEST FOOT FORWARD
Be friendly, polite and presentable. Even if you miss out, a property manager will keep you in mind for possible future available rentals. Remember, how you treat someone will leave an impression and a great impression is more likely to lead to results.
CONSIDER WHAT THE LANDLORD IS LOOKING FOR
When viewing the property, take the time to speak with the property manager/leasing agent and let them know your situation and how it suits the property. If the property is a small and cosy home, let them know how that type of space suits your lifestyle. Or if the property has a large backyard and you have children that love to be outside. Show interest in what the landlord may be looking for in a tenant and highlight your suitability.
ACCOUNT FOR YOUR RENTAL HISTORY
Property managers will always run tenant checks. These provide all the necessary information to the property manager 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 UPFRONT ABOUT ANY PAST ISSUES
If you have tenancy history such as eviction, bond return issue, this may be listed on a tenancy database. Property managers and landlords will check these databases when assessing applications, so it’s always important to be up front and let the property manager know about any prior issues and explain how you resolved them.
PREPARE YOUR PAPERWORK
Property managers get inundated with applications for rentals in a competitive market, therefor the first viable applications will most likely be presented to the landlord quickly. This is why it is important to have your application and supporting documentation prepared ahead of time, before you view the property.
Application forms can usually be found online, which allows you to complete them before inspection so you can submit them the day of inspection, otherwise many can be filled out online. Just be sure to attach copies of your supporting documentation (Identifications, proof of income, previous utility accounts, and references). The property manager cannot process an application without your supporting documents.
WRITE A COVER LETTER
A cover letter is not standard practice for a rental application, however it can be helpful when trying to distinguish yourself from the competition. A cover letter is an excellent opportunity to give a fuller picture of yourself and your situation.
PREPARE YOUR REFERENCES
The final step in processing an application is checking references. As a courtesy, it is good practice to inform your referees ahead of time. A landlord or property manager will unlikely ring a reference more than twice if they don’t answer, so consider providing a few extra references.
PREPARE YOUR FINANCES
When you sign a lease, you are often required to pay the first two weeks rent and bond in advance, so it is important to have these on hand and ready to use. You may tick all the boxes during the rental application process, but you will miss out on securing the property if you do not have the funds ready.
BE RESPONSIVE
Once you’ve applied for a property, be on standby. Be ready to respond to calls and emails from the property manager or be able to get back to them as soon as you can. Make sure you have everything ready if you are approved. If you have been approved for a property and have applications pending for other properties, make sure you withdraw any other applications quickly so as not to waste anyone’s time.