With rising house prices in Australia, the rental market can be very competitive. Fear of missing out is rife, and you can expect to find yourself competing with up to 20 or more other people for just one property. This shows the importance of preparing your rental application and ensuring you meet the tenant selection criteria.
Your rental application is one of the things the real estate agent, property manager and landlord will look at to determine if you're the right tenant for the property. So it's important that your application stands out from the crowd in order to get it approved.
To help you secure the property you want, here are some tips for preparing and submitting your rental application.
You will need the following documents for your rental application:
The documents you provide must equal 100 points or more. Make sure you have copies of these documents ready to submit to the real estate agent or property manager.
If you're going to rent a property with other people, you will also need their completed application forms with all the required documentation included. The reason is because the real estate agent, property manager and landlord will need to consider every single person who wishes to rent the property and determine if they're suitable tenants. Plus, having a completed set of documentation for all applicants/housemates will increase your chances of getting onto the top of the pile and securing the property you want.
Write about who you are, what your job is and why you're moving. If you're going to live with other people, introduce each person briefly. Also talk honestly about your rental/credit history, mention if you have pets, and write about the features of the property you found appealing. Make sure to highlight why you would make a great tenant. It's important to be professional but also let your personality shine through. Address the letter to the landlord or property manager and keep it to one page.
Its very important that you show the landlord or property manager that you would be able to pay the rent. You can do this by writing about your rental history and showing your current payslips and proof of savings. If you have solid employment, have a good track record of paying on time, and can show enough savings to cover your rent for a period of time should something unexpected happen with your regular income, you will improve your chances of securing the property.
You should have at least two references. These could be from a real estate agent, property manager, landlord, co-worker, employer, former neighbour, TAFE/university tutor or accountant. With good recommendations from your references, you can prove to the real estate agent, property manager and landlord that you'll be reliable, you'll pay your rent on time and you'll take good care of the property. Let all your references know that you want to list them on your application and once you get their approval, ask them to send a reference letter and their contact details.
If you will be renting for the first time or you don't have a very good rental/credit history, you can get a financial guarantor. A guarantor is someone who will sign the lease and be held accountable in the event that you cant pay your rent or damage the property. They can add credibility to your rental application. If you're moving out of home for the first time, you can use your parents as a guarantor. If you have poor credit, you can get a family member or friend with good credit and sufficient income to be your guarantor. Your guarantor should also submit the same application documents.
You can save time by submitting your application online. Your application will then be emailed to the agent responsible for the property listing and/or to the property manager. This means you'll need to keep digital copies of your supporting documents. Only send your application after you have attended the inspection and decided you still want the property. Alternatively you can hand your application in personally, as this gives another chance to make a good impression.
On average a rental application takes between 2-3 days to process providing your references are easily contactable.
Happy house hunting!