A real estate expert has shared her five top tips on how to secure a property during Australia’s current rental crisis.
With the national vacancy rate sitting at 0.8 per cent, Real Estate Institute of Queensland CEO Antonia Mercorella said the market was ‘not looking positive’ for tenants – with no quick fix in sight.
Renters in Sydney, Melbourne, Brisbane and Perth are all facing record low vacancy rates, with those in Perth and Adelaide facing the most fierce competition in the country at 0.3 per cent, Domain reports.
Speaking to Sunrise on Friday morning, Ms Mercorella said her top five recommendations were to be prepared, do your research, consider co-tenancy, get organised and act swiftly.
Antonia Mercorella (pictured) shared her top five tips on securing a rental in Australia’s current rental crisis on Friday morning
‘What we’re seeing is unprecedented low vacancy rates across the country. It’s proving incredibly challenging for tenants,’ she said.
‘The demand for rental property is far outstripping the level of supply that’s available.’
While the housing crisis could be solved by adding more supply, the CEO said, she also acknowledged there was no an overnight solution or quick fix.
With little vacancy available for struggling renters there has been an increase in would-be tenants offering above-market rent to secure the property.
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However, rental bidding is unlawful in most jurisdictions, Ms Mercorella warned.
With the national vacancy rate sitting at 0.8 per cent, renters across the country are struggling to find a property with some applicants turning to rental bidding – offering higher rent than is being asked or pre-paying rent – to secure a place (pictured, a line outside a Sydney property available for lease)
‘You will find that property managers or owners can’t actually ask for higher rent,’ she said.
‘But what we are seeing is applicants are offering more rent but they’re also offering rent in advance or looking for other ways to stand out.
‘That’s human nature – when we’re desperate to secure shelter for ourselves and for our families, people will look for ways to stand out from the pack.’
Ms Mercorella said people may have heard stories of real estate agents creating bidding wars, but in the majority of these situations it was applicants looking to ‘get a step ahead’.
‘Ultimately what any property owner is looking for is financial capacity … ensuring that someone is able to meet the financial obligations and pay the weekly rent,’ Ms Mercorella said.
‘Secondly, looking for an applicant or a tenant who will look after the property, so references that talk to your ability to pay the rent on time and look after the property – that’s absolutely fundamentally important.’
