www.mcgrath.com.au
Looking for a place to rent? Property guru John McGrath helps makes your life easier with his top 10 tips for tenants.
It’s likely that, with the growth in rental demand, there’ll be increases in weekly rents through 2011.
The statistics? Nationally, rental yields for houses and apartments combined rose by only 2.9% in FY10. However, this is set to change, with fewer buyers in the market, particularly first home buyers. Add in a continuing undersupply of rental properties and an increasing population and you have a problem.
So if you’re out there right now looking for a new rental home, I’d like to help you.
It’s understandable that you might feel a bit deflated when there are 10 other prospective tenants applying for the same property. Competition can be really tough when the market is hot.
So I got together with McGrath’s Head of Network Property Management, Michael Conolly, to develop a list of Top 10 Tips to help you stand out among the crowd.
Top 10 Tips for Tenants
1. Have your application form filled in and ready to go on the day of the inspection (this means downloading application forms from the agents’ websites on the day or night before the open). Most property managers will want one fully completed application form from each tenant who will occupy the property.
2. Bring copies of references from previous property managers or landlords. If you have pets, bring references for them too (and photographs if you can). You can get a pet reference from past property managers, landlords or your dog walker.
3. Have your photo ID ready to present with your application – such as a drivers’ licence or passport.
4. Bring a print-out of your rental ledger – your current property manager can provide you with this.
5. Dress well for the inspection and feel free to ask questions.
6. Pre-warn your referees that a property manager might be calling – the sooner they return the call the better.
7. Be willing to move in as soon as the property becomes vacant. This might mean paying double rent – that is, paying rent where you are now as well as rent on your new home for a week or so. This is your call but it will make the difference if you’re neck-and-neck with another tenant.
8. Do your research – it saves both you and the property manager valuable time. If you must have a particular feature, such as parking or an internal laundry, read the property details online or call the property manager before the inspection.
9. Bring a tape measure and camera to the inspection – you never know what you might want to measure, such as the fridge space. (You can take photos in vacant properties only).
10. Be ready to pay the deposit (in NSW this is one week’s rent) if your application is approved
If you miss out, talk to the property manager and ask about new listings, or what we in the industry call ‘new managements’. Agencies take on new managements every day, so it’s worth developing relationships with property managers in your area – you might get a head start on the next suitable property!
For more information and advice, please visit www.mcgrath.com.au
