Renting in a tight market
Whether it’s inner city Sydney, the funky enclaves of Melbourne or the inner-west of Brisbane, if you’re a tenant looking to secure a property in a prime suburb, things can quickly get tough.
These regions and many other suburbs like them are what’s known as high-demand areas where competition for a rental property can be fierce.
So how can you secure a property when it comes to renting in a tight market?
What makes a market tight?
Liveability, amenity and proximity are the three key things that tend to make a rental market tight. These are the suburbs demand outstrips supply when it comes to leasing a property.
Often common factors of tight rental markets include lifestyle features like proximity to the beach or CBD, a convenient location that’s near universities or amenities, and areas of high employment.
That means rents are often high and still properties in these areas remain in demand. Its not unusual for rental properties in tight markets to see 15-20 people turn up to an inspection, and when it comes to applying, you need to put your best foot forward.
Here are our top tips…
In tight rental markets it’s no good just turning up for a bit of a browse. You should make a list of properties you want to see and have your application ready to go.
Regardless of which agency is managing the property, rental applications have common information that they seek, including proof of income, references, past rental history etc.
Gather this information and fill out the rental application either on the spot, in advance, or immediately, then submit the application straight away.
Don’t leave anything blank
In your haste to submit an application, make sure you don’t leave any questions unanswered or sections blank. If a property manager has to chase you for information, that’s likely to push you down the list.
The same goes for missing attachments. There’s a reason you’re asked to provide information, so make sure you attach it.
Make a good first impression
You know what they say about first impressions…they count, and you don’t get a second chance to make them. This is true when it comes to renting a property. At any rental open home, property managers are looking for people who stand out from the crowd as responsible, reliable and dependable.
This is taken into account in addition to the formal application provided.
Have a good history
Your previous rental history can make or break an application. This is why it’s critical you meet your obligations as a renter.
If there are blemishes on your rental history, explain them in the application. And don’t be tempted to think agents won’t know, they are required to check databases and references.
Have a back-up property
In a tight rental market, you should have a list of properties that you inspect and apply for, rather than just one. You could be unsuccessful on the first property but might have more luck on the next.
Talk to the letting agent
At an inspection, do take the time to chat with a property manager, letting them know your interest in this and other similar properties. A tenant who offers a good application, solid references and makes a good impression is just the type of person they may reach out to when it comes to letting the next home.
How we can help
At Eview Group our experienced property managers pride themselves on establishing great relationships with both tenants and landlords. We appreciate as a renter, the property you reside in is the place you call home.