Friday, September 10, 2010

How to Secure a Rental Property

It can be desperate times if you are looking to rent something.  Especially when vacancy rates are dipping under 2% in some areas, such as Melbourne's inner city and it's outer reaches.

Even if your not too fussy, tight rental vacancy rates in many cities means the situation can be dire.  So it's not surprising that when we asked our readers what they had done to secure a rental property, more than one quarter said they had offered more than the asking price, taking a punt that a landlord couldn't resist some extra income.

If seems if people find a house or an apartment they like, they are often pulling out all the stops to secure it.  Other survey respondents told us they had paid the rent and bond on the day, completed their application before the open for inspection because it showed they were keen and ready to go, or buttered up the leasing agent, believing it never hurts to be friendly.

Personally, the most ridiculous thing I've had to do is provide pet references for our two small dogs who aren't large enough to chew the big toe off the postman.  My two ankle biters are another matter - but no references requested for them.  Yet.

Looking around Australia, there's bound to be a vast chasm in how easy some tenants will be having it in their hunt for a home.  As the figures below show, it's likely to be difficult in Melbourne, Sydney, Canberra and Adelaide, but a whole lot easier in Brisbane and Perth.  But if mining returns to its previous highs, that could also change.

There's also news that investors are making a comeback to some parts of the market - for example in Sydney in the city's west and south west.  That could help ease the situation for some tenants by providing more rental properties.  The other good news is first home buyers are expected to begin buying again soon, freeing up some rental homes as well.

Vacancy Rates Around The Country

Source: The Age
Written by Carolyn Boyd 

What have you done to secure a property 'above and beyond' the norm.

Tips for Tenants: Know your rights when you rent a house or apartment.

1 comment:

  1. Great blog! I found your blog in google.. i see a lot of blog post you have, they are very informative and helpful and this blog is very helpful to everyone who interested on real estate investment...thanks to your blog.. keep posting.