Regional rental market tightens

Much is made of the low level of rental vacancies in Melbourne, where rapid development is boosting supply, but is still being outstripped by demand.

It’s indeed a squeeze, and it extends far beyond the outer rim of the capital’s metropolitan area.

In regional Victoria, the rental market tightened even further in March, with vacancy rates at 1.8 per cent, lower than Melbourne’s 2.1 per cent and well below the three per cent regarded as healthy.

Many first-time homebuyers, buoyed by the Victorian Government incentives implemented in July last year, are competing with investors for properties that might otherwise be available for rent.

With a lack of available stock, agents are receiving multiple applications for the properties they advertise. Those seeking rental accommodation should present themselves in the best possible light by being organised.

Here are a few steps:

Property size:  the agent will be looking to place tenant/s that are suitable for the property, i.e., to match individuals and couples to smaller properties and larger families to more spacious abodes. Prospective tenants should prepare their short list with this in mind.

Application Form: incomplete or incorrect forms will likely mean that the application does not even reach the landlord for consideration. Referees are important in a tight market and should be spoken to before submitting the form.

Pets: owners of pets are more likely to find a new home if a former landlord will vouch for the animal, reassuring prospective new landlords that there won’t be a greater risk of damage. Pet owners should divulge the breed, as landlords might look more favourably on a Chihuahua than an Irish Wolf Hound.

Open Inspection: register and attend the open inspection. It’s not a fashion parade, and those inspecting properties don’t need to win the best-dressed award. However, those who present as other than clean or neat might find more difficulty in securing the property they seek. If upon inspection, the property seems right, seekers should let the agent know an application has already been made online.

Following these steps will not guarantee securing a tenancy, but will increase chances of being chosen.