With university offers finalised, tertiary students across NSW have commenced the urgent quest for accommodation for the 2016 academic year, which will put the squeeze on already tight rental vacancy rates across NSW.
Gerard Hill, Co-Principal of Raine & Horne Newtown, said the rental market in Sydney’s Inner West, which is home to Sydney University, the University of Technology, and the Royal Prince Alfred Hospital, a major teaching hospital, remains tight with vacancy rates well under 1%. Hill said his office currently have 6 properties out of 1100 available for rent, with as many as 43 parties at inspections.
Underlining the fierce rivalry for rental properties in Sydney’s Eastern Suburbs, Terry Brandtman, Principal of Raine & Horne Randwick, says there were 30% fewer properties available for rent in early January than at the end of spring 2015. “Two-bedroom apartments in Clovelly, Coogee and Randwick rent for between $550 and $750 a week depending on the age of the stock, which compares very favourably to apartments in the newer developments in Waterloo, Alexandria and Mascot, where weekly prices can be closer to $850,” said Brandtman.
A combination of persistence, punctuality and presentation will be critical in helping rental market contenders into a home. There’s no escaping the fact you have to wear out some shoe leather and inspect as many rental homes as you can.
Treat a meeting with a property manager like a job interview – smart casual attire including polished shoes rather than shorts and thongs won’t hurt your rental chances either.
It wouldn’t be a bad idea to consider taking mum and dad along to inspections. It might sound cheesy for some, but it often works. Even getting parents to countersign a lease agreement can help as this makes them jointly responsible for the lease.
1. Treat appointments with property managers like a job interview.
2. Be punctual and present professionally.
3. For younger people, it helps if mum and dad are with you at appointments and/or they can offer a rental guarantee.
4. References from employers, university lecturers, school teachers, a family doctor or solicitor – and especially past property managers or landlords – are essential.
5. Take along paper work such as your motor vehicle licence and/or passport, bank statements and so on.
6. If you’re offered a property, take it immediately or you could miss out.