Are you a struggling to secure a rental this hot market? You're not alone. With rental demand on the rise and a shortage of available properties, the competition for rentals is high. But don't worry, there are steps you can take to increase your chances of securing your dream rental:
Move quickly: In a hot rental market, popular properties are often rented out within hours of being advertised. To give yourself the best chance, you need to move quickly. Set up alerts for new rental listings in your desired area, and be prepared to inspect properties at short notice. If you're serious about securing a particular property, don't wait to inspect it, attend the first available inspection.
Be specific: We know that the competition is tough out there and applying for a large volume of properties at once to secure a home seems like a good idea. We would suggest being specific in the type of property and budget you are after, and only applying for homes that will suit your needs. If the Property Manager receives multiple applications on homes that are vastly different in features and cost, it doesn’t show that you are serious about the properties you are applying for. Talk to the Property Manager about your must haves and work together to find the perfect fit.
Be prepared: Before you start inspecting properties, make sure you have all the necessary documentation ready to go. This includes your rental application, references, proof of income, and identification.
Stand out from the crowd: With so many tenants applying for the same properties, it's important to make yourself stand out from the crowd. A cover letter that you can attach to your application that tells the Property Manager and Client more about you, is always welcomed and can add a more personal touch to your application.
Get a guarantor: If you're struggling to secure a rental property due to a lack of rental history or a low income, consider getting a guarantor. A guarantor is someone who agrees to pay your rent if you are unable to. This can give Owners the confidence they need to approve your rental application.
Securing a rental property in a hot market can be a challenging and stressful experience. But by being prepared, moving quickly, standing out from the crowd and getting a guarantor if necessary, you can increase your chances of success.
By: Catie Mulvaney-Horder
Managing Director