Much commentary last year was devoted to the impact of COVID-19 on rental markets in inner-ring suburbs in Sydney, Melbourne, and Brisbane. The observations focused on how the closure of international borders had stemmed the flow of foreign immigration and the resulting effect on rental prices and vacancy rates.
However, for markets less affected by overseas immigration such as the smaller capital cities, major regional population hubs and even fringe suburbs in the bigger cities, rental demand was more robust resulting in tenants jostling for suitable accommodation.
So, if you are seeking to rent in a high demand rental market and you find a property that you know is a diamond, you better have all the necessary paperwork ready for your property manager. Having this paperwork will make the job of the property manager easier and will give you a more substantial chance of starting 2021 in a suitable rental property.
The essential paperwork includes photo ID, such as a driver’s license or a passport. You will also need your ‘rental ledger’. This document is a record of your payment history for the term of your previous rental agreement period. If you don’t have this information, your last property manager can provide this record.
Furthermore, contacting the previous manager is timely, as you can let them know you are applying to rent a new property. It is also an opportunity to inform your previous manager to expect an email or phone call about your latest rental application.
To this end, as a longer-term tenant, it will be vital that you have a reputation for making your rental payments on time, and for letting your property manager know if there are problems with the property. As a tenant, it’s your responsibility to report a leaking tap or faulty smoke alarm. While failure to do so might not seem like a big deal, any damage caused by water or fire can create bigger and costlier problems for a landlord.
A reputation for keeping the property neat and tidy will also help a future rental application. Don’t forget, just like recruitment specialists, property managers can use Google and social media to find out more about a prospective tenant. While on the issue of references, a testimonial from an employer or fellow staff member won’t hurt your cause either, especially if you’re a first-time tenant.
There is other paperwork that can give your application a better chance too. This includes your last utility bill, along with copies of recent payslips and bank statements to prove your financial ability to make your weekly rent payments. If you are self-employed, your tax returns for the last two years will be required, while a letter from your accountant will prove helpful.
For more ideas on how to get into a suitable rental property in 2021, contact your local Raine & Horne Property Manager.