A very real dilemma for many people right now is how do you secure that elusive rental property? In my many decades working in the real estate industry I have never witnessed such a competitive rental market on a national level.
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At various times in the market, certain areas may see high demand and low stock. But for tenants the solution is often simple – look at neighbouring areas for alternatives. Unfortunately this solution doesn’t seem to apply in the current situation. However, I have a few tips that may help:
Do you have to rent a new place right now or can it wait?
Could you try to renegotiate or persuade your landlord to let you stay where you are? Maybe friends, family or even work colleagues have a spare space you could rent out temporarily. Just ask around, you never know.
Remember, this low stock market won’t last forever
So maybe review short-term rental options in the interim. Many short-term rentals have void periods and may consider a three-month rental term. Again, this is not a long-term option, but it could see you through until the market finds a balance.
Be totally ready!
Have all your documentation in order and complete the online applications to enable you to apply without delay. It’s also important to ensure that any information you share is via a protected and safe source. And make sure you give references and referees a gentle reminder that they could be contacted at any time, and their speedy, accurate response could make all the difference.
Check your credit score online.
If your rating is low you could find that it’s a stumbling block. Discover if there are ways to improve it in order to increase your chances of securing a tenancy.
When attending ‘opens’, be on time or early
Always dress smartly and be polite. It may be annoying to be number 23 in the queue, but these first impressions could make all the difference.
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For many people right now, putting in a rental application is an incredibly difficult process. It requires a considerable amount of patience, real focus and a little bit of luck, and just maybe you’ll score a rental property at the end of it.
On a positive note, this will not last forever. All aspects of the property market go in cycles. Yes, you may have to compromise considerably in the current market cycle, however, I believe better options may lay ahead in the very near future.
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