Renting your first home can be both exciting and daunting, but with the right guidance, you’ll be well on your way to finding your perfect place. This ultimate guide covers everything from preparing for your first-time renting to securing your dream rental property and settling in.
Establish your budget and requirements
Before diving into the rental market, take the time to assess your financial situation and determine how much rent you can afford. This applies whether you plan to pay rent monthly or settle for weekly rent payments.
Remember to include ongoing costs like utilities, internet, and renters insurance in your calculations. Consider the number of bedrooms, desired location, and proximity to public transport, health services, and other amenities.
Research the rental market
Investigate local rental properties, average rent prices, and rental history. Familiarise yourself with the rental market in your desired area, and be aware of potential rental discrimination. Use resources like the Australian Bureau of Statistics to acquire relevant info and make informed decisions.
Create a rental checklist
Include all of your requirements, preferences, and absolute must-haves. This checklist will help you focus your search and evaluate potential properties more efficiently.
Finding your dream rental property
Start your search
Use the internet, real estate brokers, and property management companies to kick off your search. Inspect rental properties in person to get a better feel for the space and neighbourhood.
Evaluate potential properties
Assess the property condition and location, and how well it matches your rental checklist, such as how many bedrooms it has. Consider pet policies if you’re a pet owner, and don’t hesitate to ask questions during inspections.
How far in advance should you look for a house to rent? We’d recommend 3-4 months so you can gauge the market.
Securing your first rental property
Prepare a winning rental application
There are definitely ways to make your rental application stand out. Provide personal references, proof of stable income, and a copy of your photo identification. If you have no prior rental history, consider using a family member as a reference.
Ensure your application is thorough and well-presented to stand out from the competition. Invest some time into writing a cover letter for your rental application that is honest and highlights your best attributes. Research rent applications tips to find ways to increase your chances of success.
Be patient during the rental application approval process
It may take some time for your rental application to be approved, depending on the lead up time to the vacancy of the rental property.
But you should be patient during this process. If anything, it’s a good sign if the real estate agent calls your references during the waiting period.
For a detailed understanding of how long does a rental application take to be approved, check out this comprehensive guide.
Understand the residential tenancy agreement
Familiarise yourself with lease terms, tenancy agreements, and your rights and responsibilities as a first-time renter. Be aware of rental bond requirements, which typically equal four weeks’ rent, and any additional pet bond if applicable.
Finalise the lease agreement
Review and sign the lease agreement, pay the initial rent amount, security deposit, and bond money. Complete a bond lodgement form to protect your bond, as required by Australian state laws.
Moving in and settling down
Conduct a property condition report
Make a record of the property’s state before any work is done, discuss any problems with the landlord or manager, and save a copy of the report for your records.
Set up rent payments
Discuss payment methods and schedule with your property manager, keep track of rent payments and receipts, and understand your obligations as a tenant.
Something you should also be aware of is how much house rent can rise per year in NSW or whichever state you’re living in. Being aware of local laws help ensure you don’t get misguided.
Protect yourself with renters insurance
Research and choose a suitable renters insurance policy, understand the coverage provided and keep your policy up-to-date.
Maximising your rental experience
Building a good relationship with your property manager or landlord
Establishing a positive relationship with your property manager or landlord can lead to a more enjoyable rental experience. Maintain open communication, report maintenance issues promptly, and be respectful of their property.
Know your rights as a tenant
Tenants in Australia should be familiar with their legal protections and obligations. Each state has specific regulations, so familiarise yourself with the relevant Residential Tenancies Act for your location. This knowledge can help you address any disputes or concerns during your tenancy.
Be a good neighbour
Building good relationships with your neighbours can contribute to a more pleasant living environment. Introduce yourself, be mindful of noise levels, and respect shared spaces.
Plan for the future
While enjoying your rental property, it’s essential to plan for the future. Regularly reassess your rental needs and preferences, and stay informed about changes in the rental market. This preparation will help you make a smooth transition when it’s time to move to a new rental property or even purchase your own home.
More advice on renting for the first time
How can a first-time renter establish a good rental history?
First-time renters can establish a good rental history by consistently paying rent on time, maintaining the property in good condition, and being a responsible tenant. Providing personal references can also help build trust with prospective landlords.
What is the standard rental bond amount in Australia?
The standard rental bond amount in Australia is typically equivalent to four weeks’ rent. This bond serves as a security deposit to cover any unpaid rent or property damage during the tenancy.
How often can a property manager conduct inspections?
Property managers in Australia can generally conduct inspections once every three to six months. Still, they must give tenants sufficient notice before entering the premises to conduct an examination.
