Group Real Estate, a family-owned business, is making waves in the Melbourne property market. Their recent report highlights the challenging situation for renters with a record-low vacancy rate of just 0.8% in February 2023 (down from 1% in January), almost three times lower than it was at the same time last year.
Group Real Estate explains that the tight rental market in Melbourne is due to the rising house prices, which forces more people to look for affordable rental options, and the lack of new rental properties being added to the market.
As a family business, Group Real Estate understands the importance of finding the right home, especially for families. That's why they recommend the following tips to increase your chances of being approved for a rental property in Melbourne:
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Have all your paperwork in order: Make sure you have all the necessary documents, including your rental application, ID, proof of income, and references, ready to go.
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Be prepared to act fast: When you find a property that meets your requirements, act fast and submit your application as soon as possible. Being the first to apply can sometimes give you an advantage.
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Have your documents verified including tenant database documents.
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Have a co-signer: If you're worried about not meeting a landlord's income requirements or have a shorter rental history, consider having a co-signer on your lease.
By following these tips and working with a trusted family business like Group Real Estate, you can improve your chances of finding the right rental property in Melbourne's tight market. Remember to be patient, persistent, and proactive in your search, and you'll hopefully find a place that fits your needs and budget.