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September 28, 2021

How To Put Together Your Best Rental Application

The local rental market is tighter than it has been since mid-2010, and vacant rental properties are snapped up almost before we can list them.

What can tenants do to make sure that their application is the one that gets approved?

Toowoomba rental market update

The Toowoomba vacancy rate has been sitting below one per cent since June last year, and the July 2021 vacancy rate remains very low at 0.7%. With only 227 available rentals advertised in the week commencing 9 September, the number of rental listings is also at one of the lowest levels we’ve seen in more than a decade.

According to realestate.com.au, every Toowoomba rental property listing is now attracting, on average, an incredible 1925 views. That makes Toowoomba rental listings the tenth-most viewed in all of Queensland.

This strong demand for Toowoomba rentals has put pressure on rent prices, and they are now at their highest in more than a decade. The median weekly rent for houses in Toowoomba in September 2021 is $407, and for units, it is $327.

Why is the competition for Toowoomba rental homes so fierce?

There are a few reasons why rental homes in Toowoomba are so hotly contested right now.

Across regional Queensland, rental housing supply has been reduced. Landlords have been taking advantage of rising dwelling values and selling off their investment properties. Owner-occupiers have been snapping them up, meaning there are fewer properties in the leasing pool. Across the state, the lack of new home construction and new land released in the last ten years are adding to the problem.

Meanwhile, demand for rental homes has increased. COVID-19 sparked a mass exodus from Australia’s big cities, especially Sydney and Melbourne. Urbanites with the newfound ability to work remotely are becoming tree-changers, seeking a more relaxed pace of life and more affordable housing in regional areas across the country. This internal migration has put pressure on regional rental markets throughout Australia, including here in Toowoomba.

How tenants can get ahead in Toowoomba’s tight rental market

  • Get on the front foot with your search. With the competition so fierce, it pays to make sure you find out about new rental listings as soon as possible. Make contact with property managers in your preferred suburbs and add your name to their tenant database. Set up alerts on listing websites like realestate.com.au and Domain so that you are notified every time a new property that meets your criteria is listed.
  • Don’t miss the inspection. Inspections are a great opportunity to make sure the home ticks your boxes and to ask the property manager any questions you might have. They’re also a good way to avoid rental scams – by attending a viewing, you can verify that the home is genuinely available for rent and that you’re dealing with a trustworthy property manager.
  • Be ready to apply as soon as you’ve inspected. Have your documents, like payslips and ID, to hand so that you’re ready to apply as soon as you’ve seen the property. Make sure that your referee’s contact details are up to date and that they’re prepared to receive a call from a property manager.
  • Don’t overlook the details in your application. Correctly completed rental applications make the process much quicker and give you a better chance of success.
    • Complete the application in full – don’t leave blank spaces – and make sure you’ve attached all necessary documents.
    • Include as much information as you can, including why you’re moving, full details of any pets, and written references if you have them.
    • And remember – property managers and landlords appreciate honest tenants.

Find a range of fantastic Toowoomba rental homes here. Our friendly property management team are standing by to help you find your next Toowoomba rental home – get in touch today.

Article by Katie Knight

Some may say real estate is in Katie’s blood having joined real estate following her father, Ian Knight, into the industry where he had pioneered the path of real estate in Toowoomba in the late ‘80s and opened the ninth regional RE/MAX office… View profile

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