Analysis
Make your application stand out in the competitive Brisbane Rental Market
It is no secret that the Brisbane rental market has hit an unprecedented level of demand and competition over the past 12-18 months, currently experiencing record-low vacancy rates, increased asking prices and offering one of the strongest yields across the country. Interstate migration, employment opportunities and lifestyle factors have attributed to the increased level of competition, making it tougher to secure a property whether you’re a first-time leaser or a seasoned renter. We have compiled a list of ways in which you can put yourself forward as the best applicant for your desired property, affording you the best chance of securing the rental of your choice!
Stand out from the crowd
There is a minimum expectation when you attend a rental inspection; be punctual, be presentable and be polite. Making a good first impression is essential when attending an inspection, but how do you stand out when there are 10, 20 or even 50 applicants doing the exact same thing? It isn’t always viable to have a conversation with the property manager on the day, however if you do get the chance, have a few questions about the property prepared to show that you have a genuine interest. Follow up the next day to express your continued interest and to ensure you remain front of mind with the property manager, so even if you miss out you on this one, you may be considered for the next.
Quick Tips
- If you are renting for the first time, have a parent or guardian co-sign as a guarantor
- Applying with pets? Include a pet resume inc. age, breed, temperament, likes/dislikes etc.
- Check that your social media accounts reflect your current situation e.g., job status, title etc.
Dot your i’s and cross your t’s
When asked about the number one issue with rental applicants, every property manager has the same gripe and it’s not filling out forms properly and in their entirety. Providing all the supporting documentation and ensuring that each section has been fully completed will avoid any delays in your application process and a give you a higher chance of being approved. It is estimated that more than 30% of rental applications are submitted without completion, and property managers simply do not have the time to chase up applicants, meaning the likelihood is that your application may not even be considered if it is not filled out correctly.
Quick Tips…
- Honesty is key! If you are currently unemployed, a simple explanation as to why will help
- If you are self-employed, provide bank statements and references from a past employer
- Ensure that your references have been notified so they aren’t caught off guard when called
Streamline your application online
Online application and inspection booking systems have improved the efficiency in which tenants can apply for properties and make it easier for leasing consultants to review these applications. There are numerous software programs that offer this service, allowing you to upload your details and application just once to then apply for multiple properties. If you do not submit your application via an online portal, you may be putting yourself at a disadvantage or even taking yourself out of the running completely as this is the first point of call when property managers are assessing applicants.
Quick Tips:
- Put in as much detail as possible and spend time on personalising your cover letter
- Search for properties that won’t exceed 30%-35% of your income (agents look for this)
- Set up alerts to be notified as soon as properties within your criteria become available
