Tips to securing a rental property

Reporter: Marguerite McKinnon
Broadcast Date: May 15, 2008

With vacancy rates at an all time low it is harder than ever to find a place to live but we have found some tips to get a roof over your head.

There are some tips to increase your chances to secure a place to rent.

Firstly, be wary of a "Dutch Auction" where people start bidding against each other in an effort to secure the property.

Michael McNamara from Australian Property Monitors said some agents are put into a situation where they see 20 or 30 people for inspections.

"Often they are in a position where people are outbidding each other to secure the property," he said.

Look outside the square and do not limit yourself to just 5km from the city. Look at the top five areas within the median price range, all along public transport routes and all within 20km of the city.

"My top five picks for renters are all along Public Transport routes within 20 km of the city," Mr McNamara said.

Look at emerging suburbs where people would want to live in the near future.

Do your homework to find out what the fair market price is for the area. This will minimise the chance of you getting ripped off.

Top tips
Real estate agent, Tim Fletcher, said renters should do a few things before looking for a property. His top seven tips are:

1. Get an application form from the agent before you inspect the property.

2. When you inspect the property, take references from the agent that you are with at the moment and your employer with you.

3. Be prepared to fill out the application on the spot.

4. Look presentable. It does not mean you pull up in your friend's Rolls-Royce and go over the top, just look presentable at the inspection.

5. Ask what will be an advantage to you. Ask the agent what will help you.

6. Be prepared to pay the rent and the bond within 24hours of inspecting the property.

7. Finally, if you can, try to match the time you finish renting at your old house to the time you want to start at the new place.

This is called Dovetailing. It will ensure your new landlord is not without rent for some time and stop you from having to pay double rent.

"That should put you in the box seat and should you'll have a very good chance of renting a home," Tim said.

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