Forrestfield 
In 2023, many Australians are affected by a highly competitive and tight rental market.
This is due to a combination of factors including properties being leased on Airbnb instead of to tenants, longer construction timelines due to the pandemic and rising interest rates forcing investors to either sell their properties or increase the cost of rent.
Many capital cities are experiencing all-time low vacancy rates. However, with some planning, you can increase your odds of being selected when you apply to lease a home.
Advice for renters
Start your search early
Possibly the most important piece of advice for renters is to start your search early.
The more time you have, the more you can understand the cost of homes where you would like to live and either adjust your expectations or your budget. If you start looking before the need is urgent, you will also be able to revise your application so you know it includes what the property manager is looking for.
Use online resources
Set up alerts on popular property listings websites so you’re notified the moment a new home comes onto the market.
These days many deposits are taken on the day of the listing so if you can be the first to spot a new place on the market and get in touch with the agent, you will give yourself the edge over other renters.
Work with a leasing agent
If you work with a professional leasing agent, you basically handball all the hard work to them. Find an agent based in the area you are hoping to rent in, talk through your needs and set them to work. They will then help you find properties that meet your criteria, arrange viewings and negotiate with the property manager on your behalf. Your leasing agent may also have access to information about off-market properties thanks to their connections with property managers. You will have to pay a fee but you are likely to save time and stress.
Be prepared to act quickly
In a tight market, properties can be leased quickly, so it’s important to be prepared to act fast.
Have all your documentation in order and ready to go. If a property manager has to wait for you to have documents like references and proof of income, they may move on to the next person, and you will miss out.
If you can, it can also help to have the rental bond plus a couple of weeks’ worth of rent to hand so you can pay upfront.
A tip if you have a dog or cat is to prepare a ‘pet resume’, with some pictures and feedback from your last landlord/property manager or the vet about the animal’s behaviour.
Be open to compromise
Even when the market isn’t tight, one of the key pieces of advice to tenants is to be open to compromise.
The odds are you will not find the perfect property. You need to go in with the attitude that you hope to tick as many boxes as possible but that ticking every box will be extraordinarily lucky.
It’s always clever to break your desires down into ‘must haves’, ‘would like to haves’ and bonuses. So for instance, must have three bedrooms, would like to have off-street parking, a pool would be a bonus.
Network
In the current rental crisis, it’s smart to use every resource possible.
This means putting the word out to all your friends and family that you are looking for a rental property. It also makes sense to make contact with some rental property agencies in your area to let them know you are in the market for a home. They can’t let you know about something if they aren’t aware of you, so it never hurts to reach out.
Be persistent
Don’t give up. If you miss out on a property, ask the agent why. This can help you figure out what to include in your next application.
