10 essential tips to help secure a home in a rental crisis.
In the current rental market, which is often referred to as a 'rental crisis' due to the high demand and low supply of rental properties, finding a house to rent can feel like an uphill battle. Unit rent prices have soared in response to this rental crisis, putting pressure on tenants.
With vacancies scarce and fierce competition, it's crucial to have a solid strategy to increase your chances of success. Here are our top tips to help you navigate the tight rental market and secure your next house to rent:
1. Be quick
In today's fiercely competitive rental market, timing is everything. Properties can be snatched up in a blink, so it's crucial to attend inspections as soon as they're advertised. Being among the first to view the property significantly boosts your chances of submitting a strong application before the competition.
2. Make a good impression
First impressions matter, especially when it comes to securing a rental property. Dress in neat, professional attire, such as business casual, to show respect for the property and the property manager. Be courteous and engage with the property manager during inspections. A friendly demeanour and positive attitude can go a long way in leaving a lasting impression.
3. Highlight your suitability
During rental inspections, take the opportunity to discuss how the property meets your needs and lifestyle. For instance, if you're a pet owner, you could mention the property's pet-friendly policies. Whether it's the cosy ambience of a small home or the spacious layout of an apartment, emphasising your suitability for the property can make you a more attractive candidate to the landlord.
4. Be transparent
Honesty is key when it comes to disclosing any past rental issues. If you've had previous breaches or challenges, addressing them upfront and explaining how you've resolved or mitigated them is essential. Transparency demonstrates integrity and builds trust with the property manager.
5. Prepare your application
Gather all the necessary documents, including your driver's license or passport for identification, your most recent pay slips or employment contract for proof of income, and at least two references from previous landlords or employers. Having these documents ready before attending inspections allows you to act quickly when you find a property you're interested in renting.
6. Write a cover letter
While not always required, a well-crafted cover letter can help personalise your application and provide additional context about your suitability as a tenant. Use this opportunity to highlight why you'd be an excellent fit for the property and address any concerns or questions the landlord may have. For instance, if you've had previous breaches or challenges, you could explain how you've learned from those experiences and are now a more responsible tenant.
7. Notify your references
Contact your references beforehand to inform them that the property manager may contact them. Ensuring they're prepared to respond promptly and provide positive feedback about your rental history and character is essential.
8. Have your finances ready
Financial preparedness is not just a suggestion, it's a necessity in a competitive rental market. Ensuring you have the necessary funds, including the bond and rent, readily available is a clear sign of your readiness to move forward with the rental process.
9. Stay responsive
Once you've submitted your application, be vigilant about responding to any communication from the property manager. Prompt communication shows your commitment and interest in the property, which can positively influence the landlord's decision.
10. Withdraw other applications
If you're approved for a rental property, it's courteous to withdraw any other pending applications promptly. This streamlines the process for all parties involved and ensures that other prospective tenants have a fair chance at securing their desired property.
Navigating the tight rental market requires a proactive approach and attention to detail. By following these tips and staying organised, you can position yourself as a strong candidate and increase your chances of successfully securing your next rental property. Remember, our team at Belle Property is here to support you throughout your rental journey.
Read more about the process of renting and search our current rental properties.