Times are extremely tough for the millions of Australian renters in today’s landlord market. Not only do they need to battle it out in one of the tightest markets ever, they also need to cope with rising rental prices and the added pressure of interest hikes.
The latest Domain Quarterly Rent Report showed that in the 12 months to June 2022, there has been a 12% rise in the the median asking rent for houses and a 12.2% increase for units across the combined capitals. The latest Domain Rental Vacancy Rental Report, meanwhile, revealed that national vacancy rates are at the lowest point on record at 1% for the fourth month in a row.
Here are some tips from RateCity.com.au to help renters not only find a rental property but also hopefully nab one at a more affordable price.
Be proactive and join waitlists
Renters can call up rental agents in the location they have their eye on and ask to join any rental waitlist. This way they’ll be informed if a property comes up before it is advertised on the market.
Consider an alternative suburb
In looking at a few set suburbs for their proximity to work or school, renters could explore a different area with more rental stock, as they may find the price there to be more affordable due to less demand in the area.
Keep your eyes on classifieds
In looking for a property, renters could also check out the classifieds, such as GumTree, as some landlords advertise their properties there first.
Moderate your social media presence
Renters must keep in mind that nothing gets deleted on the internet and with landlords getting their name on the application, it would only take them a few clicks to do a little research on their tenants when considering their application – in fact, this practice is not uncommon. Renters could Google their name and see what pops up.