Depending on your budget and preferred location, rental markets can be very competitive. If you show up to an inspection that has attracted a lot of interest from other applicants, it is vital to have a good application to compete against other tenants and secure the rental home of your dreams. But what makes a good tenancy application?
Completed application form
A correctly filled application with all supporting documents is a must have. While it may seem like a no brainer, tenant applications are often not filled in correctly or are missing important documents. Make sure that your application is completely filled out and copies of supporting documents, such as proof of ID, proof of address and proof of income, are enclosed. Incomplete applications often cause a delay during the leasing process, with the property manager having to chase potential tenants for additional information. Making the property manager’s life easier by doing this correctly is likely to work in your favour when it comes to the selection process. An application form that is correctly filled out not only streamlines the process, but also demonstrate that you are serious about the property.
One of the first things a property manager will look for is whether potential tenants have a steady source of income and good employment history. This is done for obvious reasons – having a steady stream of income means that the tenants have available funds to pay rent with. Property managers will also often conduct an assessment of income and affordability, which measures if the tenants can not only afford the rent, but also maintain other living expenses. A household should aim to spend no more than 30% – 40% of their weekly income on rent.
A good rental history will demonstrate to the property manager that you are able to afford the living expenses of renting, as well as signalling that you have been a good tenant in the past. Don’t have a rental history? Make sure to have an employment reference letter and to present yourself well when you communicate with the property manager. You can also provide a guarantor on the lease to provide peace of mind for the landlord.
Although cover letters aren’t required to secure a rental property, they can help with standing out against other applicants. Cover letters are also a good way to explain any discrepancies in employment or rental history that you may think will hinder your application.
Property managers will screen all tenant applications for any potential warning signs. Property managers generally screen applicants through TICA, Australia’s largest tenancy database. Be warned – if you have ever missed paying rent or have had other rental discrepancies, this will be reported on TICA. Tenants who have poor rental histories will often find themselves being knocked back more often.
Should you wish to keep a pet at a property, a Pet Application must be presented with your Tenancy Application. Details including the breed of your pet, microchip number, council registration details and the name of your vet will be required. Including a photo and the traits of your furry family member can be of advantage to help obtain the owner’s approval.