How To Get Approved For A Rental In Toowoomba’s Competitive Market
If you’re looking for a new home to rent in Toowoomba, you’ll know that we’re in the midst of a tight rental market.
Vacancy rates have been sitting below one per cent for the best part of a year and demand for rental properties is high. In such a competitive market, how do you make sure that your rental application is the winning one?
Toowoomba rental market update
In March 2021, Toowoomba’s vacancy rate was a very low 0.6 per cent. Meanwhile, Brisbane’s March vacancy rate was 1.5 per cent and the national rate was 2.1 per cent. Given a vacancy rate of 2.5 per cent or less is generally considered a tight rental market, it’s fair to say we’re experiencing pretty squeezy conditions at the moment.
The Toowoomba rental market was on the tighter side before COVID-19, with a vacancy rate of 1.2 per cent in February 2020. Then the pandemic hit, and it created a set of conditions that saw the rental market constrict even further. Tenants who may have otherwise moved on opted to stay put, while temporary government emergency measures prevented evictions on the grounds of financial hardship. Meanwhile, demand for rental properties increased as interstate migration soared, and residents of large cities like Brisbane chose to relocate to Queensland’s regions. Toowoomba’s vacancy rate plunged in mid-2020 and has remained low since. We’re currently experiencing some of Toowoomba’s lowest vacancy rates since 2010.
How to get approved
In a competitive rental market, time is of the essence. Prospective tenants need to be ready to act quickly and decisively to give themselves the best chance of securing a rental property.
- Make sure you’re on top of new rental listings. The sooner you find out about a new property for rent, the sooner you can view it and apply for it. Save your search parameters and set up alerts on listings websites like Domain and realestate.com.au. Talk to Property Managers who work in your preferred suburbs and ask to be added to their tenant database, or if they can tell you about any new rental properties that are coming on to the market soon.
- Get organised. This is the key to being able to move quickly as soon as you find a suitable property. You can start your application even before you’ve found the property you want to apply for. Most rental applications are done online these days and here at RE/MAX Success we currently use 1form. It takes about 30 mins to create a 1form account and complete the Profile and ID & Docs sections, but you only have to do it once and you can apply for as many rentals as you like. Set up your 1form account in advance and you’ll be ready to pounce the moment you find the right property.
- Pay attention to viewings. Be sure to turn up on time, ensure the property ticks your boxes, and don’t be afraid to ask questions of the property manager. Rental scams are on the rise, so viewings are a very important way to confirm the property is indeed on the rental market, and you are dealing with a reputable property manager.
- Get your application right. Completing your application thoroughly and carefully makes the process quicker and increases your chances of success.
- Complete the application in full, and don’t leave blank spaces. Ensure you include all the requested documents, like payslips and copies of your identification documents.
- Check that your referees contact details are up to date and correct and that they are aware an agent may call. References are important!
- Always include as much detail as you can, such as why you’re moving, what you like about the property or additional relevant documents like written references. Property managers and landlords appreciate honest tenants.
- If you’ll be sharing the lease with a spouse or housemate, they can be added during the 1form application process. Every person whose name will be on the tenancy contract needs to complete their own application before the property manager can begin to process the application, so make sure all potential leaseholders complete their applications as quickly as possible, so you don’t miss out.
- If there’s a pet on your application, include as much information about them as you can, including a photo, their breed, age, details of any training, references from a previous landlord or neighbour, and details of vaccinations and registrations.