Get Ahead in a Tight Rental Market

The latest increase in demand for rental properties is making it harder for potential tenants to secure homes, suggests Aaron Brooks, Chief Executive Officer of Harcourts Queensland.

Over the September 2011 quarter, the rental vacancy rate in greater Brisbane was just 3 per cent – well below the city’s average of 3.8 per cent.

According to recent data released by Australian Property Monitors (APM), national median weekly rents for houses rose by 1.1 per cent in the December 2011 quarter, with rents for units rising by 1.4 per cent.

Most capital cities in Australia recorded house rental rises over the quarter including Brisbane which saw an increase of 2.7 per cent.

“This rise in demand and median rents is fantastic news for landlords and potential investors, but is likely to hit renters hard.

“Tenants who are looking for a new rental property will have to work harder and smarter in order to secure a home,” Mr Brooks said.

Mr Brooks suggests the best thing tenants can do in this market is be prepared.

“In this market, forward planning and thorough preparation is crucial. Before you even set foot in a property for an open-for-inspection, it is worth having your application form filled out, your references ready and your finances in order.

“Even if you’re not 100 per cent certain about the property after viewing it online, having these things pre-arranged will help if you do fall in love with the property at inspection time,” Mr Brooks said.

“It is also worth attending more open-for-inspections than you first intended to. Attending more inspections will widen your opportunities and increase your chances of finding the perfect rental property,” Mr Brooks continued.