It wasn’t that long ago that tenants held the balance of power when it came to securing rental properties in Brisbane. There was more supply than demand for a period of time, mostly because of a temporary oversupply of new units in the inner-city. However, the market is starting to shift with supply starting to dry up and tenant demand increasing.
Of course, this is a sign of a normal market cycle.
Sometimes, though, tenants can be slow to realise that the market has changed and there is now more competition for good properties. At this stage of the market, the pendulum is on the way back to a more balanced situation, which means that tenants may not have the luxury of choosing a property at will for much longer.
So, with multiple applications becoming more common for rental properties, how do you make yours stand out from the crowd? Well, the application process is the best place to start.
Here are seven strategies to supercharge your chances of securing your ideal rental property.
Create a digital application. By having a digital version completed you will be able to apply for more than one property at a click of a button. It’s vital to make sure all your information is correct – including ID, references and contact details – because you never want the agent to have to chase you for clarification.
Make sure your references know they are references and are available to respond promptly when a property manager contacts them.
Tell the truth – there is no use fudging the facts as these will be checked during the application process. Your application will go in the bin if they find you have lied about essential details, such as income or employment history.
Always make sure you pay your rent on time, because your rental ledger will be assessed during the process. If you’ve been tardy paying rent in the past, your application will likely be shelved without a second glance.
Only apply for properties that you can actually afford. Agencies generally don’t like people paying over 30 per cent of their income on rent. So, shop within your budget, otherwise you’re just wasting everyone’s time, including your own.
Be patient – sometimes it can take up to 48 hours to process your application. Badgering your agent may go against you, as in many cases the owners will ask for a recommendation from the agent if there are multiple solid applicants.
Think like an investor with your move in date. Landlords never want their properties to be vacant for long periods of time, so if you can bring forward the lease start date it may increase your chances of success. If you’re looking to secure a great new rental take a look at what’s available.