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Australia’s rental market crisis is set to worsen with new figures suggesting just how dire the nation’s rental crisis has become – so what are the best ways to secure a rental property or a good tenant?
According to the latest PropTrack data, weekly rental prices are averaging from $420 to $575 per week across Australia’s biggest cities.
PropTrack director for economic research Cameron Kusher said it was a seriously challenging time for renters across the nation.
“Rents are rising pretty much everywhere in the country – Sydney and Melbourne hadn’t been seeing rent rises for a while, but they are also starting to increase,” he said.
Top tips when people are renting
1 Talk to agents and join their internal database as they often notify people on this list before advertising a property.
2 Register for email alerts about rental properties becoming available at websites such as realestate.com.au.
3 Don’t wait until Saturday to look for a home – do preparation in the week before.
4 Don’t delay contacting agents when you are interested in a property.
5 Have electronic copies of your application documents such as identification details. Ensure references are expecting calls.
6 It is important not to limit the search for a rental property to one suburb so cast the net wide.
7 Everyone has the perfect scenario in their mind but you might have to settle for second best.
8 If you have pets, get a letter from your vet confirming their personality and include details such as walking arrangements or doggie daycare attendance.
9 Be on time to inspections and if you can’t make it, text or call the agent with as much notice as possible.
10 Smile, be friendly and polite with property managers, who often deal with lots of challenges, so nice people make the day more pleasant.
11 Remember, some items around a property are up to a tenant to clean and look after.
12 Treat the property well and you’ll get a great reference.
Top tips for an investor
1 Reason to invest: According to Pete Wargent, co-founder of Australia’s first national network for buyer’s agents BuyersBuyers: “We are in a very unusual situation, with a huge backlog of arrivals waiting to enter Australia after two years of border closures, and in turn there is an opportunity for investors seeking both capital growth and rental returns, leading to strong total returns for landlords. We no longer have high volumes of investors from mainland China to drive the construction of new high-rise units, which has dampened the supply of new apartments.”
2 Buy in the right location: Mr Wargent said in the unit market, there were solid opportunities in Sydney’s northern beaches and eastern suburbs. “Generally speaking, we look for boutique unit developments with reasonable strata levies, and if the budget permits, look for family-friendly units with owner-occupier appeal, in those popular suburbs where the supply is somewhat capped,” he said
3 Feature a low-maintenance property: Tenants don’t want to spend their time mowing the yard.
4 Provide the must-have fixtures and fittings: A modern kitchen and bathroom are important together with airconditioning and heating.
5 The price is right: Consult a real estate for the right level of rent.
6 Tenant love: A landlord’s dream is a tenant who pays the rent on time and treats your property like it is their own so show some love by maintaining good communication and keeping the property in good working order.
