My partner and I are renters in Sydney and applying for new units in Pyrmont. We are excellent tenants and have been in the same unit happily for almost 4 years, but have had at least 3 unsuccessful applications recently. Are homeowners/property managers looking for a certain percentage higher on the asking prices in competitive areas? How can we increase the competitiveness of our application?
Great Question Lauren,
Just offering to pay a higher rental than is being asked is not always the solution.
Landlords like any Bank or lender, they are taking a risk when they rent a property to you. Your goal should be to make that risk as low as possible and encourage the landlord to look favourably on the application. On both side I often suggest people request or supply something similar to a resume.
Include thinks like how long you have been at each address, why you moved, your employment and how long you have been with your partner. It also helps to supply a list of your asset and liabilities and even a budget.
All this shows that your not the kind of person who is going to move in and out in 6 months and are going to be able to cover the rental payments easily.
Then consider asking for a slightly longer lease with a built in increases every six months. Nothing is worse for a landlord than having to find new tenants regularly or the concern that if they raise the rent the tenants will leave.
If your still having problems, mention to the agent that you would consider paying above the asking rent for the right lease.
Many of my clients do this and find much better tenants because of the little extra effort required. I also know personally that this has helped me in the past.
Hope this helps regards
Excellent answer Albert. You have fully covered the question.
As we are placing tenants in properties all the time and are assessing applications it is vital to get an application in to the rental agent as soon as possible as these are considered in order of receipt.
The key things we are looking for
Proven track record through tenancy reference from current agent. Rent paid on time and care of property.
Confirmation of employment and ability to make rent payments.
Understanding to Abide by the strata by-laws if applicable.
Long term tenant prospects are always looked upon more favourably.
I agree with the previous comment that the more the agent knows about you the better you'll be placed for them to select you over someone else. My daughter is look in for a property to rent at the moment and is continually being knocked back and asked me how she could get up the queue in terms of being accepted by a real estate agent.
My response was essentially the same advice that Albert mentioned previously. Give them a reason to say yes to you and show that you are a low risk and a quality tenant. That will give you the best
Good question - All too common in today's market as well.
The competition when renting is often dictated by many factors including the location, particular property, availability as well as current market conditions so its increasingly important to find ways to give you "the edge" over other renters.
All responses above have some good input and are pretty close on the money. A few other handy hints:
- Apply using the agents preferred format: Most will offer online applications which are easier for them to sort through and take a printed copy with you to the open home
- Prepare as much documentation as possible before attending the open house: Payslips, rental history, references etc
- It goes without saying that its always advantages to be early on open day - Present well, make a good impression and take the opportunity to have a real conversation with the agent so they feel comfortable that they know a bit about you and it will also give you an opportunity to give them an insight into why you like the property and that you would consider an extended rental period.
- As mentioned above, providing a budget and/or financial assets can really strengthen an application by showing that not only are you good at managing money but also have the capability to afford rent
- Only a personal opinion, but I would try to avoid agreeing to rental increases inside the first 12 months. Whilst this could potentially be a way to get ahead, you never know what direction the market could be heading and could find yourself paying well above the median rent in a year or two.
I hope you find this info useful and good luck with your next open home!
P: (02) 9251 5558
Hi Lauren T,
One of my business partners came across your post recently and we thought it might be nice to reach out.
Sydney is definitely the most cut-throat rental market in Australia, but standing out in a crowded market has always been tough.
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