Renting a property is a huge responsibility;
you’re left in the house of a stranger and entrusted with taking great care of it. In addition to this, you’re usually judged on the details you provide on a piece of paper. But what if you don’t have a rental history? Will that affect your ability to rent? There is no need to stress, as many people have been in your shoes before and applied for rentals without a strong history to support them.
We have listed a few tips that might help get you across the line and into the property that you’ve had your eye on.
Don’t Hide the Details
Don’t hide what you’re earning or any financial commitments you may have. An employment contract stating your annual salary and pay frequency, or bank documentation showing your great repayment history could be helpful. Think about all the bills you pay on a regular basis, and show these to the property manager to showcase your financial credibility.
In the absence of rental history, having someone that will legally be a guarantor for you might help. A guarantor can give assurance to the landlord that your rental payments will always be on time and could be the helper that you need to get you started in the rental game.
Play it Smart
Understand your financial capabilities – when looking for a rental home, it’s essential to set yourself a budget; taking into account rent, bills, groceries, insurance and other living costs. Applying for properties that realistically fit your budget will give you a higher chance of landing a rental property and free you from financial stress. If you’re worried about finding a property to fit your budget don’t stress, you can rent a home for as little as $220 per week up to $600 per week, so you are bound to find something in your price range. To make the payments more achievable, you can consider renting with other people; friends, family a couple etc.
To maximise your chance of a successful application, it’s a good idea to broaden your ideals and preferences on the type of properties you are looking at. Keep in mind that your Property Manager has obligations to the landlord, so it’s unlikely that you will be accepted for a property you cannot afford.
The trick is honesty, no matter your situation in life or financially. Be open with the property manager; talk about what stage of life you’re in and explain that you are renting for the first time. Be transparent about your earnings and financial history. Doing so will not only help you to get into your first rental, but it’ll build trust and rapport with your Property Manager.
Most employers have experienced a call from a rental office before, so when it comes time to list your references, ensure that they are credible. Think of people within the community who hold a strong social standing and can talk about who you are as a person. A few good examples other than your employer could be a teacher or lecturer, or someone from a volunteer organisation that you’ve worked with.
If you’re looking for a property to rent check out our properties for rent.