Melbourne is one of Australia’s most coveted rental markets so finding a quality property at the right price can be difficult if you don’t know where to start! Here are our top 10 things you need to know in order to find and secure the right place to rent in Melbourne:
1. The best real estate search engine, bar none, is realestate.com.au. It has an easy-to-navigate interface and is updated more often than similar search engines.
2. Typically, rental properties have no furniture or major appliances, with the exception of stoves and dishwashers. Furnished properties are available but cost considerably more to rent than unfurnished ones.
3. The demand for rental properties in Melbourne is high. As a result an advertised rental price should not be seen as a fixed price. It may rise or even fall depending on how many people are interested in renting that particular property.
4. Most real estate agents prefer that you use 1Form to make your rental applications. 1Form is free and streamlines the application process, enabling you to apply for multiple properties at once.
5. Almost every agency requires you to inspect a property before leasing it. This can be a major hassle if you’re moving from interstate or overseas. That’s where we come in. We will inspect the property for you and ensure it ticks all the right boxes so you can move in the moment you arrive.
6. The standard fixed-term lease agreement is for a period of 12 months. Fixed terms are the securest form of lease agreement. But they can be costly if you leave the property before the end of the term.
7. A bank cheque is the preferred form of bond payment. After receiving the payment, the agent will forward it to the RTBA (Residential Tenancies Bond Authority), which holds it for the duration of the lease. Some agents accept payment by direct bank transfer. You will have to ask the individual agent whether this is an option.
8. In addition to paying a security bond, you must pay 2 weeks rent in advance. Some agents do ask for more though.
9. Real estate agents have an understandable bias for prospective tenants who are employed. If you don’t have a job when you move to Melbourne, you may have to offer more than 2 weeks rent in advance to secure a property.
10. Once the lease has expired, you have the option of signing another or letting it automatically switch to what’s known as a periodic agreement, i.e. a lease that continues month by month. This is provided you haven’t been given notice to vacate the property.
Still need a hand navigating the rental process? Give us a call - we’d love to help!