Property expert shares her top five tips for beating the competition as Aussies take drastic measures to secure a rental property in a low vacancy market
- Antonia Mercorella shares advice on securing rentals
- Warns that rental bidding is illegal in most jurisdictions
A real estate expert has shared her top five tips on how to secure a property during Australia’s current rental crisis.
With the national vacancy rate at 0.8 per cent, Antonia Mercorella, CEO of the Real Estate Institute of Queensland, said the market did not look ‘positive’ for tenants – with no quick fix in sight.
Tenants in Sydney, Melbourne, Brisbane and Perth all face low vacancy rates, while those in Perth and Adelaide face the most fierce competition in the country at 0.3 percent, Domain reports.
Speaking to Sunrise on Friday morning, Ms. Mercorella that her top five recommendations were to be prepared, do your research, consider co-hire, get organized and act fast.
Antonia Mercorella (pictured) shared her top five tips for securing a rent in Australia’s current rental crisis on Friday morning
“What we see is unprecedentedly low vacancy rates across the country. It’s proving incredibly challenging for tenants,” she said.
‘The demand for rental properties is much greater than the available supply.’
While the housing crisis can be solved by adding more supply, the CEO said, she also acknowledged that there was no overnight solution or quick fix.
With little vacancy available for struggling tenants, there has been an increase in potential tenants bidding above market rent to secure the property.
However, rent bidding is illegal in most jurisdictions, Ms Mercorella warned.
With a national vacancy rate of 0.8 percent, renters across the country are struggling to find housing. line outside a Sydney property available for hire)
“You’ll find that property managers or owners really can’t charge higher rents,” she said.
FIVE TOP TIPS FOR TENANTS
- Be prepared
- Do your research
- Consider co-renting
- Get organized
- Act quickly
“But what we see is that applicants offer more rent, but also offer rent up front or look for other ways to stand out.
“That’s human nature — when we’re desperate to find shelter for ourselves and our families, people will look for ways to stand out from the crowd.”
Ms Mercorella said people may have heard stories of estate agents provoking bidding wars, but in most of these situations it was applicants who ‘wanted to be one step ahead’.
“Ultimately, what every property owner is looking for is financial strength … making sure someone is able to meet financial obligations and pay the weekly rent,” Ms. Mercorella said.
“Second, looking for an applicant or a tenant who will look after the property, so references that speak to your ability to pay the rent on time and take care of the property – that’s absolutely fundamentally important.”