Getting a rental property you love can be hard, especially in a tough market. So how do you stand out from the crowd and secure the rental property for yourself?
First, what is a High Demand Market?
A high-demand rental market exists when the number of tenants looking for a home outweighs the number of properties available. Since the pandemic began in early 2020, rents have increased 16.5% in capital cities, making renters the most affected group within the housing market. As a renter, the best way to tackle a high demand market is preparation.
In a high demand market, here are best tips to help you secure a rental property.
Be Prepared
Being prepared for the application process is the best way to make your mark as a reliable tenant. Making sure you’re equipped with copies of all relevant points of ID, both personal and professional references as well as evidence of your rental history is a great way to make a positive impression on your future landlord. Being prepared and most importantly reachable, can push your application to the front. Landlords want tenants who are reliable, honest and prompt e.g. you will speak up about issues in the property.
Have your paperwork in order.
This is likely to include all or some of the following:
- Reference letters from people you have lived with or rented from in the past
- References for your pet (if applicable)
- Proof of income (recent payslips, bank statements, tax return)
- Letter of employment (if you’re starting a new job)
- Valid ID (up 100 points, which can include your passport, birth certificate, student ID or driver license)
- A resume of your rental and/or employment history
- Deposit/rental ledger (summary of your rental payment history)
- Cover letter
First Impressions Count
In the application process, you need to set an example of what type of tenant you will be, and this begins with the first impression.
Wear something presentable to your first meeting and come prepared to ask questions about the home. Property managers are looking for a tenant that will not disturb the current neighbourhood or cause the landlord any unnecessary concerns, by damage the property or attract noise/ parking complaints.
References
When preparing your rental application, make sure you pay close attention to who you’re listing as references. Including professional references on your application such as past landlords, a boss or supervisor, a house cleaner, or someone that is not emotionally involved in the outcome, can make you more desirable as a tenant.
A great way to stand out from other tenants is to include a written reference letter with your application.
Rental History
A strong rental history which shows regular rent payments and long-term leases are always a favourable way to catch the attention of your future landlord. Before you move out of your current rental, ask your agent for a rental ledger. Attaching a rental ledger to your applications shows that you can hold down a rental property without incidents. Another way to represent yourself as a tenant is to include any previous routine inspection reports with your application.
Contact Property Managers
Being front of mind is the best place you can be as a tenant. If you’re heading to a booked inspection, make sure you or those you’re looking to live with show face. Introduce yourself to the property manager and ask any questions you deem relevant to the property.
Showing interest in the property and voicing your eagerness in your first interaction with the property manager could help boost your application to the top of the list. Contacting the agent post inspection also has added benefits like being first in line for any new listings.
Write a Cover Letter
You should write a letter to the landlord or property manager describing who you are and what your job is and why you’re moving. You might also include information about any pets you have, and some of the reasons you like living in this particular neighborhood. You might want to mention why you’d make a great tenant. Keep your letter brief—it shouldn’t be longer than one page. Address it to the landlord or property manager, and make sure to keep it professional but friendly at the same time.
If you’d like more advice or to discuss the rental application process with an industry professional, click here to get in contact with QPG Realty. Alternatively, click here to view our latest rental listings.