The REIV’s latest statistical release on the residential rental market showed that vacancies are at a twenty five year low of 0.9 per cent.
In what can be described as the tightest residential rental market for a long time, competition can be intense. Following are a few tips that may help you find and secure yourself the right property in this type of market.
Firstly you must consider your search criteria. Factors include location, features of the property, and price. If you can’t find exactly the property you want then look in the neighbouring suburb or for a slightly different type of property. There are various property portals which can help, such as www.realestateview.com.au or www.domain.com.au.
If you are interested in a property, you should then make sure that you have all the information that you need to apply for the property. You will need your personal identification, referees and details about prior rentals. Written references, with contact details from previous estate agencies may assist in speeding up the process.
It is important that you complete the application form in full. If a landlord has a number of applications they will leave the incomplete one at the bottom of the pile.
In this market don’t be afraid to apply for more than one property. However if you are accepted for a property, be sure to immediately withdraw your application for the other properties.
Visiting agencies in the area you want to live in and introducing yourself is a good way to make you stand out from the crowd when you actually apply.
Finally, you should also obtain a copy of ‘Renting a home. A guide for Tenants and Landlords’ it is available in a number of different languages and can be downloaded by visiting www.consumer.vic.gov.au.
Enzo Raimondo
CEO, REIV
If interested in learning more about this update please contact me today!
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