School’s back, uni is looming and the rental market is tight. So, make sure you’re prepared before you jump headlong into the all too time-consuming task of finding a rental property.
REIWA deputy president Lisa Joyce said WA’s vacancy rate had declined to 2.4 per cent and the average days to lease had fallen to only 39 days —the fastest since March 2015.
Lisa said the last quarter of 2019 showed Perth’s rental market had strengthened, with signs that the recovery would continue in 2020.
Perth’s overall median rental price continued to hold at $350 per week during the last quarter.
“The median rent in Perth has been stable for 11 consecutive quarters which is the longest stretch of stable rents Perth has seen since reiwa.com first started capturing rental data in 2001,” she said. “When we drill down further and isolate houses and units, the results for the quarter are very pleasing for landlords.”
REIWA data shows that Willetton (53 per cent) and Applecross (50 per cent) were among the Perth suburbs to experience the biggest increase in leasing activity during the last quarter.
Pulse Property Group director Di Addenbrooke said competition among tenants had noticeably increased.
“This means people have to be faster and smarter to secure a lease,” she said, adding that many prospective tenants often wasted time looking at properties that didn’t meet their needs.
“Property managers are a logical place to start — it makes sense to talk to someone who knows the area. An experienced property manager can give you a real head start.”
The team at Pulse Property Group have come up with their top 10 list of considerations to help narrow the search for a suitable rental.
1. Do you want to be close to schools, public transport and parks? How far are you willing to travel to work? Check Pulse Property Group’s map of rental properties to get an overview of the areas you’re keen on. Make sure you consider things like shops and freeway access.
2. Can you afford to rent by yourself or will you need to share? When researching a suburb, familiarise yourself with the area’s median rent price so you know what to expect to pay for a house or apartment. If you are keen on a particular suburb but it’s a little beyond your budget, it may be worth looking into house sharing.
3. Do you have a pet? Looking for a rental property in Perth to accommodate you and your furry friend can be challenging. The good news is that it’s becoming more common for landlords to allow pets. Make sure you discuss this early in the process to avoid disappointment.
4. Do you need car parking? Check what listings are offering. I.e. off-street, carport, garage etc.
5. How much space will you need? As you move closer to the CBD space may be a factor with many apartments and there will be less bang for your buck.
6. Check inspection times for those properties that spark your interest and make sure you register so you don’t miss out.
7. Be polite to the property agent. It’s their endorsement that will ultimately decide whether you are the right tenant.
8. Have your references prepared and make sure you are available to take calls from property managers.
9. Never sign a lease without viewing a property first. A few phone conversations and an email chat aren’t the same. This contact will also give you a chance to make sure everything is in working order (oven, shower etc) before you sign.
10. What are the security arrangements? Is the area safe and do you have adequate privacy?
For more information on renting or buying an investment property, call the team at Pulse Property Group on 08 9259 6999 or email firstname.lastname@example.org