It’s the Great Australian Rent Race – the hunt for affordable rentals that’s become a marathon as the nation struggles with its housing crisis.
For landlords and investors, this is turning into an era of low vacancy rates, fierce competition, and rising rents.
For many renters, it’s become a marathon rather than a sprint.
As an experienced real estate agent in your area, our property managers understand it’s easy to feel overwhelmed. But don’t lose hope. Below, our team has explored the challenges and strategies to help you find your perfect home.
First of all, let’s understand the current landscape. Three key factors have created the current situation:
- High Demand, Low Supply – More people are looking for rentals than properties available.
- Rising Prices – Rent costs are climbing faster than many pay packets.
- Increased Competition – Multiple applications for a single property are the norm, not the exception.
Our property managers have these five tips for finding your way through the rental maze:
Be Prepared – Have your application documents ready. These should include references, proof of income and identification. Being organised shows you’re serious.
Widen Your Search – Don’t limit yourself to the most popular suburbs. Consider nearby areas with good transport links.
Network – Let friends, family and colleagues know you’re looking. Sometimes, the best opportunities come this way.
Be decisive – When you find a suitable property, don’t hesitate.
Negotiate respectfully – If you have an excellent rental history, try negotiating on rent or lease terms. It’s a smart play to seek at least a one-year lease. To be successful, you must convince the rental agent or landlord you have a record as a trustworthy tenant.
Sometimes, things just don’t seem to line up promptly. So, here are some ideas from our team for alternative housing options that will give you breathing space:
- Co-Living: Shared housing isn’t just for students. Co-living spaces offer affordable, furnished rooms and a built-in community.
- Home Sharing: Platforms like flatmates.com.au connect homeowners with spare rooms to potential housemates.
- Government Housing: If you’re eligible, public housing can provide a more affordable option.