How to Secure a Rental Property with No Rental History
Whether you are moving out of home for the first time, saving for a house deposit or simply want to enjoy a flexible lifestyle, you may find yourself looking for rental properties for the first time. Agents and landlords use rental histories to find the most reliable and suitable tenants for their properties, so it goes without saying that first-time renters can be at a disadvantage when it comes to securing a property. It’s important to remember that every tenant was a first-time renter at some stage and while a good rental history shows that you can afford to pay the rent and that you can take care of the property, it’s not the only way to prove you would be a great tenant. At PRD Nationwide, our property management team are experts in matching renters with the perfect Canberra rental properties. Here’s our tips for how to secure a rental lease if you’ve never had one before.
Show That You Have Good Financial Habits
You don’t need to have rented in the past to show that you can make payments on time and manage your money. A bank statement that shows consistent payments on a car loan, payment plan, mortgage or even mobile phone are all ways of showing consistency of payments over time.
Provide Evidence of Your Income
Income is without a doubt one of the biggest factors an agent/landlord will take into consideration when reviewing rental applications. Property managers use a 30% formula when they look at whether you can afford the home you’ve applied for. If your rent is $300 per week, you would need to show a regular net income of about $1,000 per week. Submit copies of your payslips with your application to show you earn enough each week or fortnight to cover regular rental payments. Furthermore, you can ask your employer for a letter of reference which includes your salary, how long you’ve been working at the company and, a few sentences that suggest you’re a trustworthy and reliable employee and unlikely to be laid off anytime soon.
Offer to Set Up Direct Debit
A great way improve your chances is to offer to pay your rent through direct debit. While direct debit is not usually required, committing to automatic payments shows you are more likely to pay your rent on time, and this is one of the most important factors for agents and landlords.
Provide a Guarantor
Above all else, property managers and landlords want to make sure that you’ll always pay your rent, and pay it on time. One of the easiest ways to give this reassurance is to provide a guarantor, that is someone who can support your application and pay your rental payments should you fail to meet them. Young people in particular may use a guarantor, usually parents or a family member, to back their application. The guarantor will need to complete an application form, provide identification and proof of income because they’ll be equally responsible for looking after the house and paying rent.
Have Good Character References
When applying for properties to rent in Canberra, the application will likely ask ask for references. It’s common to provide a reference from a previous agent/owner, but if you haven’t rented before, you can still demonstrate your reliability and responsibility by having character references from senior co-workers, a manager, employer, a coach or mentor. These can help to show you are trustworthy person who would make a good tenant, pay your rent on time and look after the property.
If are looking for rental properties in Canberra or if you’d like more advice on how to secure a property as a first-time renter, get in touch with the property management team at PRD Nationwide today. Call us today on (02) 6262 5232 or send us an enquiry online and we will get back to you promptly.