Let's be honest: finding your dream home in the Melbourne rental market can be quite a challenge these days. According to real estate analysts at PropTrack, rental properties in the city are getting snatched up in just 17 days, and new rental listings in Melbourne are lower compared to any other metro or regional area from a year ago.

With such fierce competition for rental properties, especially in inner Melbourne, it's no wonder that open house inspections are packed with 20, 30, or even 60 groups of prospective Renters. So, how can you increase your chances of having your rental application considered?

Start with the basics:

It may sound obvious, but it's worth mentioning: pay attention to the details. Often, when many people apply for the same rental home, a significant number of applications received are incomplete. Megan Wilson, Department Manager at Nelson Alexander's Kew office, stresses the importance of including all the requested information in your application. "Make sure to complete all relevant fields and attach the required documents before submitting your application," she advises. In a fast-paced market, property managers need to act quickly, leaving less time for follow-ups on incomplete applications. If feasible, enquire about the agency's preferred application platform and proactively prepare your application in advance, enabling you to swiftly apply upon finding a home that catches your interest.

Craft a personalised cover letter:

While it's important to gather essential supporting documents like identification, references, and pay slips, the significance of a well-crafted cover letter should not be underestimated. According to Ms Wilson's expert advice for Renters, including a cover letter that effectively communicates your identity and reasons for being interested in the property is important. Whether it's due to its proximity to your workplace or educational institution, having family nearby, or simply aligning with your lifestyle, you should highlight these aspects in your cover letter. Feel free to express what you appreciate about the property and its neighbourhood as well. A cover letter provides property managers with a glimpse into your unique story, enabling them to effectively advocate for your strengths to the property owner.

If you're leasing a home with your pet, it's important to provide details such as the breed, age, and any pet references that support your application. Including a photo of your pet is also a nice touch!

A brief snapshot of yourself shows your personality beyond your professional life making way for a great relationship.

Prepare your references:

Choose referees who can provide a positive reference and let them know they might receive a request for a rental or employment reference, so they can be prepared. If possible, have written documents ready to add to your application. Supplying information that showcases your reliability and responsibility can give Rental Providers a good overview.

Express willingness for a long-term lease:

Given how quickly the rental market can change, Rental Providers often value the security that comes with long-term leases. Including a mention of your willingness to sign a two-year lease, for example, in your cover letter can make you more appealing to property owners seeking that stability, alternatively, you can speak to the property manager about the preferred lease term. Additionally, always be sure to make note of the lease availability date and try to select your preferred start date as close to that as possible.

Be prompt and responsive:

In a competitive rental market, being proactive and acting quickly can make a significant difference. If you come across a home you like on a Saturday, try not to wait until Monday—if you can, submit your completed application right away. Ms Wilson suggests submitting your application as soon as possible ensuring that the property manager has all the necessary information to present to the owner. Additionally, inform your employer, current property manager or any other references to expect a call regarding your application.

Provide additional rental history information:

"If you are currently renting, or have leased a home before, it's helpful to upload a copy of your rental ledger and tenancy agreement to prove your rental history," advises Ms Wilson. These documents demonstrate that you are a responsible Renter who pays rent on time. Even if the previous agent is unresponsive, having this information readily available can fulfil a significant portion of the reference requirements.

Leverage a full-service real estate agency:

Nelson Alexander is a full-service real estate agency that handles both property sales and rental management. Renting through a full-service agent offers several advantages for Renters. By being on the agent's list of quality Renters, you increase your chances of securing a desirable home. For instance, a selling agent might sell a property and notify the property manager they are looking for a qualified Renter in their network who wishes to rent it. This can save owners the hassle of advertising and open house inspections. Furthermore, proactive communication with the property manager, including clearly expressing your preferences, can be beneficial. Ms Wilson emphasises, "There are still opportunities for Renter to find great deals. It's a matter of being proactive, arriving on time for inspections, and ensuring that the home meets your requirements before you proceed."

Remember, persistence, preparation, and effective communication can greatly improve your chances of standing out in the competitive rental market.

If you’re currently on the search for a home in Melbourne, click here to view our current available properties or register for alerts and we hope to find a Nelson Alexander property for you. Wishing you the best of luck.