With property supply becoming harder to come by in major cities around the world, securing a rental can mean going up against hundreds of applicants. To add to that, more and more people are being forced to rent for longer thanks to soaring house prices, all of which leads to more competition.
Competition for rentals is so great that in cities where supply fails to meet demand, some renters are offering well over the asking price. Although it might sound like a good idea, it isn’t the safest option. In a time when competition is so great, how does one stand out and secure a rental? Here are some tips to help you get over the dotted line.
Organise yourself first
Don’t start going to weekly inspections until you’ve got everything in order including documentation and letting your references know you’ll be searching for a new home. Get your bank statements and any previous rental inspections and employment letters you deem relevant in order too. That way you won’t waste any time searching for them while someone else snatches up your property.
Fill in your application properly
Make sure you get all of the information correct and provide as much detail as possible. Don’t be afraid to provide information about your employment to prove to landlords that you’re able to keep up with payments, this is more important than offering more rent. Providing all of the correct information from the beginning also makes it easier for the agent and the owner.
Write a cover letter
You do it to land the job you want; so why shouldn’t you include a cover letter to land the house you want? Attach a cover letter to your application to make it more personal. Take the time to explain why you love the property and how you’d like to treat it as your own. Landlords are people too and they may have even been in your situation before.
When you’re inspecting a property, keep up the personal touch by introducing yourself to the agent. They’ll be able to provide you with information on the competition for that particular property as well as give you insight into the market and other similar properties. It’s also a great way to help them remember you.
You might have to pay double rent for a couple of weeks but if it means not missing out on the rental property of your dream, it’s worth it. As soon as you’ve found a place you like, put in your application. Waiting too long can mean missing out on it. To be able to do this well, organise your finances and let your current roommates know you’re planning on moving out so they have a heads up. That way you’ll avoid any nasty surprises and they can start looking for someone to fill the room you leave behind.
Use the off season to your advantage
If you’re looking for a rental close to university, don’t wait until the final weeks leading up to the start of semester. Instead, start searching during class time to avoid the rush of new students. The same principle applies for properties near the beach, you’ll want to look during winter.
It’s not the be all or end all
Understand that finding a rental property takes time so start your search as soon as you know you’re going to be moving. The earlier you start, the better prepared you’ll be for when you do find and secure the perfect rental. If you’re finding a new place closer to a new job, consider that you might need to put up with a long commute until something comes up so prepare for that.