If you’re planning on flying the family coop in 2023, it’s worth knowing the competition for rentals is high across Australia.

National dwelling vacancy rates tightened from 1.3% in June to 1.1% in September, the lowest national vacancy rate on record[i]. However, with some smart planning, and the help of mum and dad, first time tenants can enjoy a smooth renting experience.

Signing up to rent a place of your own is an exciting step – especially if you’re moving out of home for the first time. However, for first time renters, you’ll be up against veteran tenants who might have rented for years and have an impeccable record. In this situation getting mum and dad to co-sign the lease could help give you a better chance of landing a great rental property.

Renting is also a big financial commitment. So, we’ve put together our top tips to make the experience as easy as possible.

1. Understand what you can pay

Draw up a budget that shows what you can realistically afford to pay in rent even after allowing for living costs such as utilities, food, and of course, fun. If you don’t have a budget, try the Federal Government’s Money Smart budget planner to get you started.

Hot tip: Rents are often advertised as a weekly sum. If you choose to pay monthly, remember there are 4.3 weeks in a month, so ask your property manager for the appropriate monthly figure to pay.

2. Think about transport options

Check out the transport options of a property you’re looking at renting – if it’s just a few public transport stops from work, you could save on regular commuting costs.

Hot tip: If you have a car, secure parking may mean paying a bit more in rent but the bonus can be savings on car insurance.

3. Automate rent payments

Plenty of property managers will let you pay rent via direct debit or BPAY. Automating your rent payments this way makes it easy to stay up to date.

Hot tip: Where possible, time rent payments to coincide with pay days. That way your bank won’t charge overdrawn fees.

4. Look for ways to save on furniture

 You can probably get by initially by borrowing items or picking up some second-hand furniture from op shops or garage sales. Setting savings goals can help you grow the funds needed to update your furniture as you go along. Or consider a personal loan or low-rate credit card to pay for essentials like a fridge or washing machine. 

Hot tip: Your furniture and belongings are worth insuring through contents-only cover, and the premiums can be surprisingly affordable.

5. Understand your rights

Tenants and landlords both have rights and responsibilities. Knowing where you stand matters because a lease is a legally binding document.

For details of tenants’ rights and responsibilities around Australia head to:

• Queensland – Qld State Government
• New South Wales – Department of Fair Trading
• ACT – Justice ACT
• Victoria – Consumer Affairs
• Tasmania – Consumer Building and Occupational Services
• South Australia – SA State Government
• Western Australia – Consumer Protection WA
• Northern Territory – Consumer Affairs NT

 Hot tip: Carefully store all important documents relating to your rental home including the lease.

 Need more information?

 Your Raine & Horne Property Manager can answer all your questions. Or check out our Renting tips and  Tenant FAQs.

[i] https://www.corelogic.com.au/news-research/news/2022/national-vacancy-rates-hit-record-low-as-affordability-starts-to-impact-rent-hikes