Rental property prices have increased dramatically in Melbourne over the last couple of years. The Real Estate Institute of Victoria’s latest statistical data on the Melbourne residential rental market shows that vacancies are at a 25-year low. Most Melbourne rents have also increased by 10% or more. Finding a rental property in Melbourne is very competitive as there are often more people looking for properties than what are available.
Therefore, we recommend that you should be prepared to be flexible when finding a rental property in Melbourne. Firstly, consider your search criteria. Factors include location, features and price should be assessed. If you can’t find exactly what you want, then look in neighboring suburbs for a slightly different type of property or in a different price bracket.
Many people also use the current rental price as a guide and hope to find a similar property for the same price and features. Melbourne rental property prices have increased dramatically so be prepared to pay an extra $20 to $50 a week to secure the property you want.
Get Your Paperwork Organised
Applying for a rental property in Melbourne is just like going for a job interview. Make sure you dress appropriate when attending inspections as first impressions count. Also, ensure you have all the information you need to apply for the property including:
- Personal identification (Copy of your Driver’s License or Passport)
- Three referees
- Details of your last two/three properties that you have lived in
- Visa details
- Written references, including full contact details from previous estate agencies
- Bank statements verifying income
- Current job reference or employment contract.
Once Your Application Is Approved
- Within 24 hours you will need to visit the Real estate Agents office, sign the lease and pay your bond.
- If the lease is in two names, then both people will need to sign the lease.
- Generally, you need to pay your bond at this meeting as well.
- You will be given the keys to the property on the day when the lease starts.
- Your bond is generally one month’s rent.
- If the weekly rent is $550, the bond will be $2346.00.
- Many people think that the bond is 4 weeks rent e.g. 4 x $500, but it is not.
- If the rental price is more than $400 per week, the Real Estate Agent can make you pay more than 1 month’s bond).
- Generally your Bond payment should be made in the form of a Bank Transfer or Money Order, which can be arranged from your Bank. (Note that each bank charges a small fee to organise a Money Order)
- The money order should be made payable to RTBA (Retail Tenancy Bond Authority).
- Most Real Estate Agents will not take a personal cheque or cash, when finalizing the Bond payment.
- Whilst you are at the bank organizing our bond payment you may also like to organise your one month’s rent
- Your bond will be lodged with the Retail Tenancy Bond Authority.
- When you vacate the property and assuming you have left the property in the same condition you found it, your bond will be refunded in full, once the necessary paperwork is completed
- Your monthly rent is due one month in advance and will be due on the same day each month. (Some Real Estate agents will get you to pay rent on the 1st day of every month, whilst others will make your rent day on the day which you sign your lease. They will explain which method they will be using when you sign your lease.
I hope these tips assist you to find the perfect rental property in Melbourne.
Your Rights
For more information on renting in Melbourne visit: http://www.consumer.vic.gov.au/housing-and-accommodation/renting/beginning-a-lease-or-residency/signing-the-lease
If you need assistance, then Australian Relocation Managers can help find the perfect rental property in Melbourne.