Finding a home to rent on the Gold Coast at the moment is like finding a needle in a haystack. Vacancy rates are at record lows because few people who are renting here are moving away plus more people are wanting to move here than before.
To be accepted and recommended to the owner, you need to show you are a good tenant with low risk of not being able to pay your rent on time and that you know how to look after a home and have done so in the past. You also need to be ready to submit your application quickly.
To help prospective renters we have some tips on how to make the finding a home to rent process a little easier. If you have more tips, please let us know.
1. Check your rent budget is affordable.
One reason people are not approved for a tenancy is that the rent is deemed to be not affordable for them. Property Managers generally look for rent payments being up to 30% to 35% of the tenants’ income. Although you might be comfortable with rent payments higher than this, the Property Managers will consider you a higher risk of not being able to pay your rent on time.
2. Gather your paperwork
When you apply for a home to rent, the Property Manager will need to see a number of documents. These generally include identification and proof of income:
– think photo id such as driver’s licence, passport, proof of age id
– plus government or utility notices which include your current address
– plus payslips and other documents which prove your income
Keep these documents handy so you can submit an application quickly.
3. Prove your reputation
While the Property Manager will probably check your rental history on one or more databases, a written reference will give additional assurance that you are a good tenant. It may help to get a written reference from your past or current Property Manager or Landlord (if they are willing to provide one).
4. Submit a complete application
Currently, Property Managers receive dozens of applications for each property. Make sure you have submitted all the information for all adults who will be living in the property to make it easy for the Property Manager to give your application a tick.
5. Consider sharing a home
If you have never rented before, or not for a number of years, it may help you get approved if you share a home with someone who has a good recent rental history. This will also help with affordability.
6. Submit your application immediately
Some Property Managers assess the applications on a first-in first-served basis. It may help if you submit your application before you inspect the home, subject of course to you being satisfied once you have inspected the home.
7. Create a 1Form Profile
If you haven’t already done so, it may be a good idea to fully complete a 1Form profile with all of the documents for ID and earnings uploaded – one for each adult who will be living in the home. Many Property Managers use this, so it can make submitting multiple applications faster and easier if you already have your profile completed.
Good luck! We wish you well on your home to rent journey.