Finding a place to rent has never been harder in Sydney. In fact, right across Australia the ‘housing crisis’ affects would-be renters more than any other segment of the community. The maths is simple: there aren’t enough houses and apartments available for those wanting to rent.
So while governments at all levels scrap about the best solution to the situation, rents continue to rise. Supply and demand are working just like the textbooks say.
Right across Sydney it’s a common story: renters find themselves competing against dozens – and sometimes more than 100 – other groups. And it’s not just Sydney. Renters in Newcastle, Wollongong, the central coast and other urban centres are all experiencing the same thing.
From Renting to Owning
Mortgage Broker Sydney is here to help people get into house ownership. Many of our clients are renters, and we recognise that renting is the most frequent path to homeownership. So, while our experience lies in finding the best loan for our customers, we’re also here to help renters manage their finances in preparation for the ultimate goal of purchasing a home. Just landing a suitable rental property is the first step.
Schemes and Scams
Slightly dodgy (or, at times, actually illegal) tactics have been used by agents and owners seeking to take advantage of desperate applicants and maximise their returns. If you’ve been looking for a rental in Sydney, you’re sure to recognise at least some of these.
Being encouraged to pay more is the #1 tricky move by agents. You might be told that the owner will “look favourably at higher offers”, or accept several months’ rent in advance, or even be happy with a higher security bond
To save them from those tiresome open-for-inspections, some agents have reportedly offered places to applicants sight unseen. Legally questionable. Morally awful.
And finally, while it’s prohibited to refuse to rent a property to someone because of their age, colour, disability, sexual orientation, or religion, we know it happens.
When you’re up against dozens of other applicants and some questionable tactics, what can you do?
3 Top Tips for Applying for a Sydney rental
We don’t encourage playing along with shifty tactics. It makes it harder for everyone else. Indeed, we encourage you to report agents or owners who are playing dirty. The NSW government has information of what agents can and can’t do.
There’s no silver bullet to lodging a successful application, but there are things you can do to stand out. The agent’s job is to find a great tenant for the owner. So your job is to make their job easier.
1. Be organised
Renting is arguably more difficult than acquiring a passport. You’ll need the government-mandated 100 pieces of identification, rental history (if you’ve rented before), work history, evidence of income, and personal/professional/rental references.
There has been a recent shift towards using private firms to centralise applications. Agents love it, but privacy advocates disagree. Renters are sometimes forced to sign agreements with these services just to apply for a property. Be super careful, and always ask an agent if you can apply directly.
2. Be friendly
If you’re hoping to rent in a certain location, you’re sure to come across the same agents again and again. Say hi. Have a chat. Make sure they know your name. Re-introduce yourself on the way out. Then phone them up for another chat. Make sure they know you and they know what you’re looking for.
At the inspection, ask about when they plan to decide on an applicant, and express your purpose to apply (if that’s your plan). Maybe email the agent after the viewing and tell them you’ll call in two days to see how your application is going.
3. Be determined
Treat your house search like a job search. Treat every agent like a potential employer. Call, and call again. Remind them of any potential benefits, such as a stable employment, positive references, or wealthy parents. Make a list of the main area agents and give them a call once a week to see if they have anything suitable coming up. Ask about viewing a property before it’s been advertised.
Don’t worry about being a little bit annoying. It’s just another good reason for the agent to get you into a property sooner!
Contact us.
Once you’re in a rental, we can help you determine your goal for moving up the property ladder. We can help you sort your paperwork, and let you know the state of the market. Renting is a great step towards owning your home. We can help you achieve that goal sooner.
Mortgage Broker Sydney’s service is free to you, with no obligation.
Contact Mortgage Broker Sydney today.
Michael began his career in the finance industry over 35 years ago. He progressed through the ranks at the CBA in both retail and corporate lending, culminating in a senior position as a Corporate Relationship Executive. His decision to leave the bank in 2003 to become an independent mortgage broker was driven by his desire to assist everyday customers break through the jargon of the banking world and access the best loan products in the market. His experience is wide-ranging from helping first time buyers to large commercial enterprises. What Michael doesn’t know about home loans, simply isn’t worth knowing!