The rental market in Australia is currently facing unprecedented demand, with the number of properties available for lease failing to meet the needs of would-be tenants. The situation is only expected to become more challenging in the coming years, as population growth and economic conditions conspire to tighten the rental market even further.
There are numerous factors behind the current tightness in the rental market. Perhaps most significantly, Australia’s population is growing at a faster rate than ever before. This increased demand for housing is being compounded by economic conditions that are making it harder for people to save for a deposit on a home loan. At the same time, interest rates remain at historically low levels, making it more affordable for landlords to hold onto their properties rather than sell them.
These factors combined may make it even harder to find rental properties Australia-wide in 2022. As a result, would-be tenants will need to be prepared to compete fiercely for the limited number of homes that will be on the market.
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Don’t Wait Until It Is Too Late
When it comes to finding a rental home, the early bird definitely gets the worm. For many people, the search for a new rental begins just a few weeks before their lease is up. However, this can be a recipe for disaster.
Not only will you have limited time to find a suitable property, but you will also be competing against dozens of other prospective tenants who are in the same situation. To avoid the stress and anxiety of last-minute home hunting, it’s best to start your search early.
Introduce Yourself To The Agents Before Applying
It’s always best practice to introduce yourself to the agents before applying for a rental home. By doing so, you’re letting them know who you and your requirements. Furthermore, it builds rapport and creates a relationship between you and the agent.
Be Flexible
When searching for a rental property, it’s important to be flexible in order to find the best possible opportunity. While it may be tempting to focus on a specific type of property or location, being open to other options can often be the difference in securing a home.
For example, considering properties that are slightly outside of your preferred neighbourhood or that need some cosmetic repairs can often result in greater affordability. In addition, being flexible with your lease commencement date can also be favourable.
By being willing to consider a wide range of options, you are more likely to find a rental property that meets your needs at a price you can afford.
Remember That Persistence Pays Off
Renting a property can be a time-consuming and frustrating process. It’s important to remember that persistence pays off in the end. The more effort you put into your search, the more likely you are to find a rental that meets your needs.
Start by creating a list of must-haves and nice-to-haves, then use that list to narrow down your search. Once you’ve found a few potential properties, it’s time to start making appointments to view them. Don’t be afraid to ask lots of questions during the viewing; the more information you have, the more informed your choice regarding suitable properties and the more streamlined the approvals process once the application is submitted.