Landlords and property managers generally use rental history to find their most suitable tenant. Landing your first rental can feel daunting - that’s why we have created a number of tips for you to maximise your chance for success!
1. Provide a guarantor
A guarantor is an individual who can support your rental payments should you not be able to meet them. This will provide the landlord or property manager with peace of mind that no matter your financial situation, they will receive their rental payments. Your guarantor will need to complete an application form and provide proof of income as well.
2. Provide proof of income
Income is undoubtedly the most important factor for property managers in determining suitability for a rental property. That being said, provide payslips with your application to demonstrate that your income is high enough to cover any rental payments.
A comfortable rent to income ratio is generally between 20-40% - this means that rent will total between 20-40% of your total income amount. However, there are always exceptions and if you are able to show how much money you spend weekly, you may be more likely to be approved.
3. Set up Direct Debit
Some agencies will ask tenants to pay via a direct debit system. However, even if this is not required, you are likely to increase your odds of success by offering direct debit payment. This will show you are more likely to pay your rent on time - a very important consideration for property managers.
4. Personal references:
Applying for a rental property often involves providing rental references from previous property managers - however, if you haven’t rented before, you can still demonstrate your trustworthiness with references from co-workers, employers, or mentors. These individuals will be able to tell your potential landlord/property manager what you would be like as a tenant.
5. Get to know the Property Manager
Pop in to the office to introduce yourself as looking for a rental. Be courteous at the open homes and ask questions about the property, owners preferences and agency practices.
6. Create your profile on Snug!
Build your complete profile on Snug, including residential history, employment details as well as a verified background check. Property managers appreciate a complete application form that is submitted soon after the inspection. With Snug, you can put your best foot forward for the property you love. Good luck!
Get started here: snug.com/renter