10 tips for securing a rental in a tight market.
It’s no secret there’s a rental crisis happening in many areas across the country right now. Vacancies are at a historic low—and competition for properties at an all time high—making it harder than ever for tenants to secure their next rental and causing plenty of stress as a result.
To help you navigate this tricky time, we’ve outlined our top 10 tips to help you find and secure your next property in today’s current competitive rental market.
1. Attend inspections as soon as possible.
Make sure you attend the first advertised inspection for a rental property. If you miss it, somebody might get accepted for the property before you even get a chance to view it. Where a property doesn’t have inspection times listed, be proactive and contact the property manager to arrange a viewing as soon as possible.
2. Put your best foot forward.
Be friendly, polite and presentable. Even if you miss out, a property manager will keep you in mind for any future rentals. Remember how you treat someone will leave an impression and a great impression is more likely to lead to a great result.
3. Consider what the landlord is looking for.
When viewing the property, take some time to talk to the property manager/leasing agent and let them know how your situation would suit 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.
4. 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.
5. Be upfront 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 always 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.
6. Prepare your application beforehand.
Property managers get inundated with applications for rentals in a competitive market, therefore, the first viable applications may be presented to the landlord quickly. With this in mind, it pays to prepare beforehand so you are ready to move swiftly.
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 etc. Once you’ve seen the property and want to apply for it, you can then submit your pre-filled application straight away.
7. Write a cover letter.
A cover letter isn’t standard practice for a rental application; however, it could 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, reiterating your viability and explaining any gaps or breaches in your rental history.
8. 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. A landlord is unlikely to ring a reference more than twice if they don’t answer, so consider providing a few extra references as a contingency.
9. 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.
10. Be responsive.
Once you’ve applied for a property, be on standby ready to respond to calls or emails from the property manager or get back to them as soon as you can, and make sure you have got everything ready if you are approved. If you are approved for a property and have other applications pending, make sure you withdraw any other applications quickly so as not to waste anyone’s time or have other prospective tenants think they have missed out on the property.