Welcome to a comprehensive guide that unravels the secrets to excel in today's fiercely competitive rental market. In this blog post, we will explore essential rental application hacks that will make you, the renter, stand out from the crowd and secure your dream rental property with confidence and finesse.
1. Research the Rental Market Landscape
The power of thorough research, is one of the most important aspects when looking to secure a rental. The first step to standing out in a competitive rental market is to gain a deep understanding of the current landscape. Study the local real estate market, rental prices, and the most sought-after neighbourhoods. Knowing what's available and at what cost will help you set realistic expectations and make informed decisions.
2. Get Pre-Approved for a Rental
In a market where time is of the essence, getting pre-approved for a rental can be a game-changer. Just like in the homebuying process, a pre-approval letter from a reputable lender showcases your financial credibility and seriousness as a renter. It gives landlords the confidence that you can meet your rental obligations, and it might tip the scales in your favour, especially if multiple applicants are vying for the same property. Our product, MyTenancyCheck, can help you stand out from the crowd.
3. Assemble an Impressive Rental Resume
We recommend creating a compelling rental resume to accompany your application. A rental resume is a succinct summary of your rental history, personal information, employment details, and references. Be sure to highlight your positive rental experiences, steady employment, and any other qualifications that make you an ideal tenant. Present it professionally, and it will leave a lasting impression on potential landlords.
4. Craft a Persuasive Cover Letter
A well-crafted cover letter can work wonders in capturing a landlord's attention. Think of it as your chance to introduce yourself and explain why you are the perfect fit for their rental property. Share your enthusiasm for the property and the neighbourhood, and touch upon how you will be a responsible and respectful tenant.
5. Offer Strong Rental References
Your past landlords' opinions carry considerable weight in the rental application process. Positive rental references can vouch for your reliability, cleanliness, and promptness in paying rent. If you have a solid track record as a tenant, don't hesitate to offer these references upfront. Ensure you nurture your relationships with previous landlords for future references.
6. Consider a Personal Introduction Video or Photo
In this digital age, a personal introduction video or photo of yourself/your pets can set you apart from the competition. It allows landlords to put a face to the name and get a sense of your personality. Keep it professional, but also showcase your enthusiasm for the property and your commitment to being a responsible tenant. This personalises you and means you’re no longer just another name in the pile of applications.
7. Offer a Higher Security Deposit or Offer to Pay Extra Months Rent in Advance
While not always necessary, offering a slightly higher security deposit can make your application more appealing to landlords. This gesture demonstrates your commitment to maintaining the property and your willingness to go the extra mile to secure the rental. However, be cautious not to overextend yourself financially; only offer what you can comfortably afford.
8. Be Flexible and Prompt in Your Communication
In the fast-paced rental market, communication is key. Respond to inquiries promptly, attend scheduled showings early/on time, and be flexible with your move-in dates if possible. Demonstrating reliability and efficiency in your communication conveys responsibility, a trait highly valued by landlords.
In the competitive rental market, standing out as an exceptional renter requires a strategic approach. By following these rental application hacks, you can maximise your chances of securing your dream rental property. Remember to be well-prepared, professional, and authentic in your interactions with potential landlords. With these tools in your arsenal, you'll be well on your way to finding the perfect place to call home.
If you ever have any questions or would like to use one of our products, check out our website here.
Written by Malinda Hayward for MyBond.