Brisbane’s Rental market is undoubtably skyrocketing, resulting in high demand for rental properties. As a result, prospective tenants are becoming frustrated and confused to why their applications for properties are being declined so frequently.
Below is a tips/checklist which will ensure you are taking the necessary steps, to secure the ideal rental property in this hot rental market.
- Determine and understand your rental budget. It is key to find out the price range you are willing to pay for your rental property. Sitting down and having a look at your main source of income and determining the affordability and price you are willing to pay, is key. Most agencies will look at a maximum of 30% to 35% of your gross total household income as a benchmark of affordability
- Pinpoint the location/area you are interested in. By narrowing down the area you would like to rent in, it will make your search for a property both online and in person much easier. It’s recommended to set property alerts around your desired area, so you can receive notifications for any properties that have been recently uploaded to the market.
- Book an appointment for an open inspection/viewing. Once you have identified a property you are interested in, it is recommended to view the property in person before you make a decision to submit an application. By booking a time to view the property, this will give you an idea of the property and if it is ideal for you.
- Have your documentation and application ready on hand. Having a high demand for the rental market, comes with a lot of applications for properties. To ensure you are first in best dressed, it’s essential to make sure you have all your documentation and application ready to submit as soon as you have inspected the property.
- Offer an extra incentive in your application (Note: The agent cannot ask for you to do this). When submitting your application, you can add an extra incentive like, offer a few weeks of rent upfront or offer to pay that bit extra per week to secure the property. This will ensure your application will stand out over the other applicants, when they get sent to the owner to make the decision.
- Email the Property Management Team. Once you have determined the property you are interested in, an email expressing your interest to the property management team would be highly recommended. This ensures that your name and application is in their mind, and at the top of the list when all the applications have been sent to the owner.
- Submit applications for different properties at the same time. It doesn’t hurt to submit an application in for multiple rental properties at the same time. Once you have been accepted for one rental property, you can always withdraw your application for the other.
- Be yourself and be friendly. It can be frustrating and time consuming, when looking for your ideal rental property. However, being friendly and patient with the property manager, will show them that you are genuine and keen to secure the property.
If you have any further questions in relation to the rental market, or have any other tips you would like to add to this checklist, feel free to contact us anytime.
(Brandon Isaak – BDM & Leasing – 2021)