Standing out from the crowd in the rental market can be a daunting task, especially in cities where the demand for quality housing is outstripping the available supply.
In the tight rental markets of Sydney and Melbourne, The Agency team have been seeing crowds of 80-100 people at some open homes. Vacancy rates in Sydney, Melbourne and Perth are at a record low, while Adelaide is close to an all-time low.
Competition between tenants is easing as average views per rental listing on online portals is declining annually, according to Domain, and could be an early indicator of changing rental conditions and a precursor to a rise in the vacancy rate sometime this year.
Relief may be on its way for tenants but with the national vacancy rate falling to a new record low of 0.7 per cent in February 2024, the mismatch between low supply and rising demand is an ongoing challenge for tenants.
To help give tenants the best chance possible in securing a rental, we explore a range of strategies and tips to make applications stand out amidst the stiff competition.
Have a complete application
It’s surprising the number of incomplete applications that come across the desks of property managers. With dozens of applications to consider and sort through, a property manager is tasked with chasing up references, checking ledgers, pay checks and other documents. By making sure your application is properly completed with all the requisite requirements, you’re one step ahead of the pack.
A cover letter
While usually not a requirement in applications, a cover letter can set you apart from other applicants and increase your chances of securing a rental.
Giving property managers an insight into who you are, what do you do for a living and perhaps the reason for your move is helpful and gives a personal touch. Aim for a professional and not overly formal tone to let your personality shine through.
An insider tip is to remember who you needed to impress to secure a rental. This is usually not the property owner themselves. The landlord is often advised by the property manager on which applicant stands out the most and who would be most suited to the property. It’s the property manager who undertakes the reference checks and ultimately provides the landlord with the opinion.
References
After your application, the next place to impress a property manager is your references.
Property managers will speak to all your references, so make sure to give them a heads up.
If you have pets, it’s highly recommended to include references that can speak to their behaviour. This may be previous property managers or landlords, or a dog walker, vet or doggy day care.
Making an impression
At the open for inspection, make yourself known to the property manager or agent in the most positive way. Showing up on time to an inspection and being polite, professional and courteous can go a long way and helping to build a rapport with the property manager.
Even with all these efforts, there's still a possibility that you won't emerge as the top contender for the property. It may be helpful to go directly to a real estate agent’s website rather than the online portals, as often rental properties come up off-market and are advertised only on an agent’s website.
If you are an experienced tenant, leverage your past relationships with leasing teams and call around to see what is available. It’s in a property managers best interest to find the most suitable tenant for their landlord’s properties, and in keeping all parties happy.
Our experienced property management team is here to help. The Agency team extends from coast to coast, giving unparalleled national coverage and local knowledge. Get in touch with our team for bespoke service and assistance to find your next home.