Kurralta Park RLA 176301 Blog

It's no secret how tough it is for tenants to find rental accommodation in the current market. Ensuring your rental application is spot on is very important if you want to secure a suitable rental property. If you're a prospective tenant, to begin with, you must make sure you're applying for properties within the most appropriate price bracket to give yourself the best chance of success. If you're applying for a property at a price point that could put you under too much financial stress, based on your household's current net income stream, you're unlikely to be considered as a suitable tenant based on the income parameters. It's important you include proof of all of the household's income stream when applying for a rental property.

To determine a tenant/s' ability to maintain regular rental payments, most professional property management agencies use the 30/70 rule. This is where the weekly rental payment should not exceed 30% of the household's total net income, in order for the tenant/s to reasonably be expected to comfortably afford the rent.

For example, if the total weekly net income of the prospective tenant/s is $1500 per week, and 30% of that amount is $450, then the prospective tenant/s should be applying for properties that are advertised at no more than $450 per week to give themselves the best chance of being considered for a property. If you pass the income parameters test, then you've given yourself a chance to be considered a suitable applicant for that property.