Help finding a rental property in a competitive market
In a competitive rental market, we all need as much assistance as we can to help find a rental property. Rental property prices have increased dramatically across the county. In some states the residential rental market shows that vacancies are at an all-time low and prices at an all-time high.
We got some tips from Natalie Morey, Director of Australian Relocation Managers who specalises in helping to find rental properties for people.
Finding a rental property is competitive. There are often more people looking for properties than what are available. You will know that when you go to open for inspections and find 20 other hopefuls all inspecting the same property as you. We recommend that you be flexible when finding a property. Firstly, consider your search criteria. Factors including location, features and price should be thoroughly assessed.
It’s not necessarily a good idea to have your heart set on living in one particular suburb. Be open to living in different areas. If you can’t find exactly what you want (in your price range). Perhaps look in neighboring suburbs or for a slightly different type of property or in a different price bracket.
Review your rental criterial. Ask yourself, what are your absolute “must have” things in your rental property and what can you compromise on. Are you prepared to live a bit further out, if it means getting a more modern property? Or, would you be happy to live in a smaller place that is closer to the city. Decide what you will and will not negotiate on.
Pay more rent
It doesn’t matter if you are trying to find a rental property in Melbourne, Sydney, Brisbane or Perth you are going to be faced with the same challenge. You need to consider that most properties have had rental increases over the past couple of years. Some properties may have even increased by more than 10%. If you have been fortunate enough not to have had a rental increase, that’s great, but the likely hood of you finding a similar place today, for a similar amount of rent just won’t happen. Be prepared for this. As a relocation agent, when we start working with a client, they always have a specific rental budget in mind. However, after inspecting a couple of properties, clients often realise that they cannot get much for their budget and understand that they need to increase their rental budget by $20 – $40 per week in order to get a suitable property.
If you want your perfect property, you may need to consider this, but do your sums first. You need to work out if you pay an extra $20 per week to get your perfect property, this means an extra $1040 per year. Can you manage that?
Look the part
Applying for a rental property is just like going for a job interview. First impressions count when you meet the realestate agent or owner. Make sure you dress appropriately when attending inspections. As a relocation agent, I always tell my clients not to wear jeans. I know that everyone else will and we want to stand out from the crowd. If you have house mates and are looking at property together, ensure everyone is dressed appropriately (even on Saturday).
Renting with Pets
Securing a rental property when you have pets is much harder. You will also have a lot less properties to choose from, as many owners simply won’t allow pets. You also need work that bit harder when you are wanting to find a rental property when you have a pet.
As a standard, always offer to pay a pet bond. Just like your rental application builds a profile about you, you need to do the same for your pet. Consider doing a pet resume and include a photo, vaccination details and reference from your local vet. Also offer to have more regular property inspections, to put the owner at ease, that you are looking after their property.
Register to attend open for inspections
Most real estate agents now encourage you to register prior to attending the open for inspection. It saves time on the day and means you don’t have to stand in a line waiting for everyone to give your phone number and details to the agent. It also shows you are interested in the property and have taken the time to register. Also, if the property has been let prior to the inspection, they will contact those who have preregistered.
If you have any more questions about how to secure a rental property in competitive market, or you need help yourself in actually securing a rental property, then contact Natalie Morey at Australian Relocation Managers or visit their website for more tips.