Friday, 14 October 2016

Renting in a Competitive Market

     Finding a rental in a competitive market is a struggle many people go through. With more people looking than properties available, it can be very difficult to secure a place to call your own. The following tips offer a few strategies to help you stand out from the crowd and find a rental that’s right for you.

1.    Flexibility

 The larger your list of ‘must haves’ the smaller your pool of potential rental options. Assessing what you really need in a property, rather than just want, is a good first step to opening up your options for finding a property. Being flexible with the type of property and suburb will often produce more options than if you will only settle on a house in a singular suburb.
 Amenities also need to be revisited. It may be nice to live in a place with central air conditioning and an alfresco, but with such a competitive market it is easy to see that many people will be after the same. A diamond in the rough may look a little worse for wear, but if it still has split systems in the main areas and an entertaining area out the back, you may find just as much comfort and your search will be over. On the opposite side, expanding your location options a little further out may provide the modern property and amenities you are after. Review what you need and what you’re willing to compromise on to help expand your options.

2.    Pay a Little More

 In a competitive market rental prices are bound to increase. Knowing what you paid at your last property isn’t necessarily an indicator of what you will need to pay today. As with all commodities, rental prices increase along with demand and the reduction of supply. Evaluating your budget options is essential to knowing what you can realistically afford and whether the properties you would like are even possible.

3.    First Impressions Count

 It may just be a rental inspection to you, but to the property’s owner or real estate representative it is the first time they will come into contact with a person who may potentially live in a property for a long time. It pays to look presentable and act respectfully to all you encounter to ensure you make the best first impression possible.

4.    Be Organised

 Being organised with an application furthers your chances of securing a property. In a competitive market, properties don’t usually last on the market long, therefore applying for a property quickly will mean you’re in with a chance. Many agents are willing to release a generic rental application form before inspections that will help you organise the correct paperwork to submit when the time comes.

5.    Pet Ownership and Finding a Rental

 In a competitive market agents and owners have the opportunity to be picky with who they rent a property to. Owning a pet may be seen as a liability to some owners and many properties list that pets aren’t allowed. The options for pet-friendly properties may be smaller, but it pays to contact local agents and ask whether they know of any properties that are pet-friendly, or whether an owner of an existing property would be flexible if you paid a pet rental bond. Offering to pay a little more to take your furry friend with you may make the process of finding a property a lot easier.

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