WINNING THE RENTALS RACE
Our country is facing a severe shortage of rental properties, resulting in a rental crisis that has delivered some of the lowest rental vacancy rates on record and the fastest rises in weekly rents.
This crippling shortage is hampering labour mobility, making finding your next rental very stressful, and contributing to cost-of-living pressures the like of which have not been seen in a generation.
First National Real Estate’s property managers are witnessing highly competitive situations where applicants feel compelled to offer to pay more rent than a rental provider (landlord) is asking, while others seek longer leases or even offer to pay a year in advance.
While our policy is that we do not encourage prospective tenants to pay more than the asking price for a property, all agents and property managers are duty-bound to communicate any such offer to a landlord.
How can you win the rental application race?
With the market so tight and so many different people competing for rental properties, you need to be well prepared and ready to lodge your application quickly.
However, the challenges each applicant faces can be very different. For example, first time renters with no renting history are competing with well-established tenants with good track records. Tenants with pets suffer discrimination at the hands of some landlords, especially if they haven’t taken the time to get references arranged. And, long-term homeowners who are downsizing may not have rented a property in 40 years and, similarly, have no tenancy history to strengthen their application.
So how can you craft the strongest possible application to put yourself to the head of the queue, whether you’re a first-timer, a family with pets, or you’re downsizing?
Here are our top tips for ALL situations:
- Before you start looking for a rental, make sure you have all the necessary documents such as proof of income, credit report, and references, then register with several agents in the area you are interested in. This will speed up the application process. Also, make sure your Facebook or other social media profiles do not create an unfavourable impression for a landlord (yes, they check).
- Act fast: If you find a rental property you like, act quickly. Good rental properties go fast, so it's important to be prepared and ready to submit your application as soon as possible.
- Be upfront about your pet or children: When applying for a rental property, it's important to be honest about the fact that you have both a pet and children – their ages and interests etc. This will help you find a landlord who is open to renting to families with pets.
- Highlight your strengths: Emphasise your positive qualities such as your ability to pay rent on time, and your stable employment (or income source). You have no rental history so you need to bolster your application with recommendations or any references that attest to your reliability and good reputation.
- Provide references: Provide strong references from teachers, employers, community leaders or other credible sources. This can help landlords feel confident in your ability to be a responsible tenant.
- Be prepared to pay upfront: Be prepared to pay a deposit, first month's rent, and any other fees required by the landlord. Having these funds readily available can show your financial responsibility and make your application more appealing.