The rental market can be tough and uncompromising at times, particularly if there are is a lot of demand in the area of your desire. If you have decided to make the move from your family home into your first rental home, it can be quite an exciting experience. However as you may be relatively inexperienced it is important to take a moment to consider all the ins and out of renting a property.
Prior to getting started in the search for your first rental property it is important to consider the basics such as estimating how much rent you can afford to pay whilst sticking to your first home savings targets, the areas you prefer to rent in, the property features you require and whether you will be looking to find house mates to help you cover the rental commitments.
One of the crucial fundamentals of renting is knowing your rights and responsibilities as a tenant, because you don’t want to find yourself in some difficult situations down the track. However, the landlord or property manager may be open to some flexibility, so don’t be afraid to show initiative and request something you may require as part of the lease agreement.
It is important consider if the location is best for your family
Below are FHBA’s top tips for each stage of the renting journey:
- Every property will require some sort of application with documents, therefore all first time renters should be prepared to fill in these application forms
- If you are attracted to a property that you have just inspected, you should consider applying for it as soon as possible
- Being prepared prior to submitting your applications with documents such as; reference letters, identification documentation copies, income verification documents and savings statements could set you apart from others applying for the property.
At the Inspection
- After shortlisting the properties you are interested in, you should contact the relevant agents if an open house time hasn’t been displayed
- As the rental market is still very competitive, you should request the application form from the agent and fill it out on the spot
- As first time renters don’t have a rental history, we suggest you present yourself in a tidy manner and be polite whilst also being enthusiastic about your interest in the property.
- If you found your dream first rental home, you should consider following up with the agent – showing the agent you are still interested which gives the agent extra motivation to lease the property to you quicker.
- Be prepared to pay the bond when the agent requests bond lodgment.
- If you have a spare room it may be a good idea to consider finding roommates to help you meet your rental commitments, this will also mean you meet your deposit saving goals quicker!
- As this is your first rental property, you may require assistance with moving into your first rental home. Our FHBA Connect service provides you with a single point of contact for all connection and moving enquiries.
We hope this information helps you with your first time renting experience.