Competition has never been tougher to secure a residential lease. The number of applications per property has significantly increased, and landlords and agencies are hand-selecting, examining, and double-checking every applicant to ensure they have the most suitable tenant.
Yesterday, at an open house in Sydney’s Parramatta, over 50 attended an under $400 a week viewing, and almost everyone requested an application
Our rental resumes or history, checkable references and supporting documents, employment and financials are all requested with each application before even being considered to signing on a dotted line.
The property itself is not great, location average at best, next door comes replete with a graveyard of cars and let’s say gardening has not been introduced in the wilds of the rear or front yards for a very long time.
BTW, you’re also expected to maintain the lawns, but no mower or tools are supplied.
Now the battle of who has the best history, job and rental CV begins. Desperation set in; renters will take whatever they get approval for.
Tough competition in both number of applicants and number of socks and slides
Per applicant on average, it was an overpowering feat, all dueling it out for this dual bedder house and safari package just a minute off the M4.
Everyone had a brief look regardless of first impressions made to a twenty-something wielding a clipboard and a no-shoes in the house policy – Did they know something I didn't, was the email lost - socks and slides next time?
No expressions of excitement for the property were audible other than giggles from those amused by sliding socked adversaries on the newly polished floorboards.
Paperwork is the deciding factor
Impressing at the viewing will not secure you that lease, and you need to be ready to pounce on a wanted property with a dazzling application prepared for the tick of approval.
The above property in Parra has been on the market for five weeks and viewings – this owner is holding out for the best tenant and is scouring through hundreds of potentials before approving one lucky tenancy.
Tips to get approved - Residential leases in Australia
Landlord or agent dependent, here are some of their requests when securing a new lease.
Credit check: You may need to give your landlord or agent permission to conduct a credit check.
Proof of income: Bank statements and 2 to 24 months of pay stubs show you have the cash to make rent. They may contact, email or call your employer to prove your employment status.
References: In a competitive market, it helps your application. Personal or pro refs are great, but the ideal will always be through prior rental histories, landlords and agencies.
Cover letter: A cover letter can assist in explaining your side of things for lousy credit, unemployment or red flags in your rental history or ledger.
Co-signing: New to renting, bad or new to credit. This person is legally responsible for covering the rent if, for some reason, you cannot.
As the renter mentioned above, I will still reluctantly apply for the property while not wearing any socks and slides. My car, it finally looked pristine again – next to an expired rego’d sports car without an engine atop the sidewalk next to my Mazda3.
Still awaiting approval.
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Until next time and thanks for yours!