WHAT TO LOOK FOR WHEN SEARCHING FOR A RENTAL PROPERTY

If you would like to begin the search for a rental property but not sure where to start? Then this article is for you.

By Elizabeth Morgan

06-07-2020 |

Searching for a rental property can be difficult. Within a competitive market, often you are contesting with many people for the one property. It can be hard to know where to start and what you should be looking for. If you would like to begin the search for a rental property but not sure where to start? Then this article is for you. Below are some important tips for what to look for when your search begins.

LOCATION

This is one of the most important things you will look at when you start your search. What suburb would you like to live in? Not only are you looking at the suburb but also other aspects that are significant factors such as shops, public transport and schools.

PRICE

What is your budget? Bearing in mind that living expenses are not just rent but may also include, electricity, gas, internet and parking.  It is imperative that you look at these other things as well as the rent to make sure that you are looking well within your budget.

SIZE

This is where you look at things like how many bedrooms & bathrooms you need. Who is the property for and will the residence suit your needs?  It can be a costly to move into a property that you later find is too large or too small for your needs as you then need to start the search process all over again.  Look at things like the wardrobe space as well as the room size.  If you already have furniture, will it fit?  A good idea when inspecting is to check these things to make sure the property is going to be suitable.  This is why it is important that you view each property that you are applying for.

PROPERTY TYPE

Do you have pets that need a yard?  Perhaps you have a green thumb and like gardening or do you prefer a low maintenance yard so you can spend your weekends exploring the Hunter?  You as the tenant are responsible (in most cases) for the maintenance of the yard.  It can be a costly matter if you let the lawns get overgrown and the shrubs run wild.  Perhaps you need a bit more space for a family or want multiple bathrooms for a share house. These are all things to consider.  It is recommended to keep this in mind when deciding what type of property you want to live in.

PARKING

Inner city living can also mean that parking can be a little harder to find. Especially if you have multiple vehicles in your household. This might mean extra parking fees from the local council or in some cases limited parking facilities. Garage spaces, driveways and parking spaces should always be looked at when searching for a property. Some suburbs have unlimited street parking while others may have metered parking. Looking at this during the search process can save you significantly in the long term.

AVAILABILITY

The average turnaround time for a property to be on the market is 4-10 days. This means that you need to look at your own timelines. Have you given notice at your current residence? When can you start the lease if your application is successful?  The best time to look is between 7-14 days before you are ready to move. Looking at a property that is ready to go now, while you cannot start the lease for 30 + days will reduce your chances of being approved as landlords want to see their properties rented and not to sit vacant.

FURNISHED / UNFURNISHED

This is very important! Most properties will be clearly identified as being furnished or partly furnished. In most cases, if a property is furnished, everything you see at an inspection would be included or the property management will clearly outline what items are furnished. If you are unsure what is included, best to ask your property manager. Know what you are getting with furnished properties as you are responsible for these items. The tenant is responsible to ensure that all the items in the inventory are kept at the property and are undamaged at the end of the tenancy.

BONUS TIP

Once you have started your search, get your application ready. Most Property Management firms use 1form. Create a profile and upload your documents. (you should have at least 3 current payslips, photo id and a current bank statement). When you have viewed the property you can quickly apply and if you have all your application and supporting documents ready, it can move your application to the top of the pile.

Street Property Management hope that you have found this article helpful. If you have any questions and would like to discuss please contact the rentals team on rentals@street.net.au.