Vacancy rates for rental properties in major capital cities across Australia are at all-time lows, some even going below 1% of available rental properties in the market.
There have been horror stories that renters in certain areas have just submitted application forms without even inspecting the property having more than 10 previous applications rejected. Due to the acute shortage in popular areas, some renters are taking more proactive steps to ensure their application gets the attention of the agents. Here are some top tips to make your application stand out from the crowd:
1. Prepare a cover letter. Submitting an application for rental is somewhat like an application for a job interview. You want to take a professional approach and this involves highlighting your greatest attributes. You need to have a good understand of what landlords wants – rent on time, every time and due care and maintenance of their property. Show the following in your letter:
- Your enthusiasm – say why you like the property. Agents and landlords know that renters who value the rented premises tend to take better care of it. If you decide to stay for longer than the usual 6 or 12-month lease, it is advisable to state your intentions as landlords generally prefer good tenants with a long term lease.
- Your rental history – if you have been renting for awhile, you should be able to provide a brief of your renting history, that you have always made payments on time.
2. References. These are important documents because it establishes your rental history and lend assurance to the agent and landlord that you are bona fide and can at least demonstrate an advantage over first-time renters.
3. Deposit and rental ledger. In a tight rental market, you have to be very quick if you have decided on the rental property you want. Be prepared to pay the required rent in advance and / or bond money to secure the premises. If you have been a good payer, obtain a copy of the rental ledger from your agent. This is one of the most powerful document that you can present which landlords regard very highly in their list of priorities.
4. Proof of employment. A letter of employment from your employer, pay-slips and bank statements are documents which shows agents and landlords that you are stable and can demonstrate income-earning capabilities.