Here’s 10 tips to secure a rental property in a competitive market.
In today’s highly competitive rental market, securing a rental property can feel like a race against time. With increasing demand, soaring prices and a limited supply of rental properties, being prepared and strategic is essential to get approved for a rental property.
Whether you’re a first-time renter or a seasoned tenant, our guide provides practical steps to help you stand out and get your rental application approved quickly. Here’s how to maximize your chances and find your next home sooner.
- Be quick.
In today’s fiercely competitive rental market, timing is everything. Properties can be snatched up in the blink of an eye, 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 ahead of the competition.
- Make a good impression.
First impressions matter, especially when it comes to securing a rental property. Dress in neat, clean attire 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 towards leaving a lasting impression.
After inspecting the property, if you are still interested, speak to the Property Manager before you leave, reminding them of your name – this will leave you in their minds when sorting through applications.
- 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.
- Be transparent.
It is worth noting the importance of maintaining good credit and having a clean background, as landlords conduct checks to evaluate a tenant’s reliability. If you don’t have the cleanest history, honesty is key when disclosing any past rental issues. If you’ve had 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.
- Prepare your application.
Gather all the necessary documents and prepare your profile online to act quickly when you find a property that fits your criteria. At a minimum, you will need copies of 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.
A well-organised, digitally formatted application with clear, high-quality copies of documents can leave a strong impression and speed up the landlord’s review process.
- Write a cover letter.
A well-crafted cover letter will 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 while also addressing any concerns or questions the landlord may have. For instance, if you’ve had previous breaches or challenges, explain the circumstance and what lessons were learned to make you a responsible tenant.
Essentially, a cover letter is your chance to stand out from the crowd, using this time to highlight any unique qualities you bring as a tenant, stability in employment, or community involvement, which can positively influence a landlord’s decision.
- Notify your references.
Contact your references to inform them that a Property Manager may contact them. It is essential to ensure they are prepared to respond promptly and provide positive feedback about your rental history and character.
- 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.
As previously mentioned, in most cases having proof of stable, consistent income is a non-negotiable to help you secure a rental property.
- Stay responsive.
Once you’ve submitted your application, be vigilant about responding to any communication from the Property Manager. Prompt and professional communication shows your commitment and ongoing interest in the property, which can positively influence the landlord’s final decision.
- Network with professionals.
When the market is hot, reaching out to property managers and real estate agents or leveraging personal connections can uncover rental opportunities before they’re publicly listed. You never know – someone may know of a friend, colleague or family member preparing to rent out an amazing property, and you can get the jump on the crowd – which also saves them the hassle of needing to list – it’s a win-win.
In today’s competitive rental market, being proactive and prepared can make all the difference. By following these practical tips, you’ll set yourself apart and increase your chances of securing your ideal rental. Remember, a smooth application process and a positive attitude go a long way in impressing landlords and Property Managers.
While these tips will put you ahead of the pack, you may need to be flexible with short-term compromises, like renting a smaller space or a different location, if you are unsuccessful in securing a rental property while the rental market stabilises.