First time renter? Here’s what you need to know
The prospect of renting your first property is often pretty exciting, but it also comes with a bit of a process that can feel a little overwhelming to navigate.
There are documents to collect, applications to file, and a series of checks to go through. But don’t worry it’s all par for the course, so here’s a little insight into what you need to know as a first time renter.
Selecting the right property
Finding the right property to rent generally comes down to three important criteria: suitability, affordability, and location.
Suitability
When it comes to suitability, it’s all about finding the right type of property to meet your needs, whether that’s a unit, a house, share accommodation or even a studio.
Consider what type of property would suit you best? How many bedrooms will it require? Are there additional features you’re looking for like a garden, courtyard, balcony or off-street parking?
By considering what you need, it quickly helps narrow down the search. In the process it pays to be mindful of what you are willing to maintain.
For example, a garden may sound like a great idea, but perhaps tending it and mowing the lawn may not suit your lifestyle.
Affordability
Almost every renter has a budget that they need to stick to when it comes to how much money they can afford to outlay each week for accommodation. Ideally, this budget is no more than 30 per cent of your income.
This ensures you can easily manage weekly rental payments along with all the other necessities and discretionary expenses of life.
Location
The location of the rental property is important, because chances are you will need to be close to work or your educational facility, and perhaps even friends and family.
When you start your rental search, try to narrow it down to the location that will suit your needs, while also factoring in other things you might need in any area you are looking at, like proximity to public transport, shops etc.
The application process
Once you’ve narrowed down your search and identified a number of properties that are in the right location and suit your needs and budget, it’s time to start seeing what these properties look like in person.
This involves attending open homes, where you visit the rental property and see if it suits your needs, and if it does, you submit a rental application.
The rental application will involve providing documents that illustrate you are who you say you are, can afford the property and will look after it.
It includes:
- 100 points of ID
- Personal referees
- Payslips or proof of income
- Your employer’s contact details
- Previous rental history
And this is where it can sometimes be a challenge for first time renters. How do you show you are a great renter when you have no rental history?
To assist, we have a great guide on how you can nail your first ever rental application here.
Looking after the property
Renting a property comes with responsibility. After all, you are living in someone’s biggest financial asset and taking care of it on their behalf.
As such, it’s your responsibility to report anything that is wrong with the property in a timely manner, to look after it and ensure it does not sustain damage, and to pay your rent on time.
You will also need to keep it clean and tidy and maintain things like the garden or other outdoor areas.
The aim of the game here is to keep the property in the same condition that you found it in until you leave.
How we can help
Our experienced property managers pride themselves on establishing great relationships with both rental occupiers and owners.
We manage every property as if it were our own and you can learn more about our property management services here.
Alternatively, if you are looking to rent a property, you can view the properties we currently have available here.
