So, you’re ready to find your next dream rental! You’ve probably got a long list of requirements. In fact, if you’re working with Urban Renters, we’ll send you a form to complete that includes all the things on your wish list (yes, including high ceilings and an Olympic-sized pool… we want to know it all!).
It’s really important for us to get a strong understanding of your expectations so that we can find the right rental fit for you, but it’s also a great exercise to help you get clear on your priorities. Is it absolutely necessary to move into an apartment that’s north-facing, has a claw-foot bathtub, and black-out blinds… or would you be happy with only two of those things? And if you had to choose one… which would you choose? What’s your number one priority?
Yes, we want to help you find your dream rental property, but we’ll need you to be a little bit flexible to help us along the way.
Fancy trappings aside, there are really only three important factors to consider when finding your next rental:
- Time.
- Budget.
- Location.
In a perfect world (and if luck is on your side) you really can have it all, but more often than not, when it comes to finding your next rental property, compromise is key. Usually, we can find you a great home that ticks at least two of those boxes, but you’ll need to be flexible on one.
Time
As the old saying goes – good things come to those who wait. If you’re in no rush to vacate your current property, time is on your side! If you have your heart set on a certain neighborhood, for example, you might have to be willing to wait until the ‘right’ property becomes available in that suburb. This could take weeks or even months in some cases, but if you’re not in any rush it’s a great trump-negotiation card to play. Or, if you’re waiting for a property to come on the market that fits your budget, it’s definitely worth the wait for a long-term rental investment without the added financial stress in an aggravated market.
So what do you do when you have a deadline knocking at your door? Whether it’s starting a new job, approaching the end of your current lease, or an unexpected life event, sometimes the wait just isn’t worth it. That means you need to be flexible on budget or location.
Budget
Short on time? That might be the sign you need to start increasing your budget – especially if location is something you’re not willing to compromise on. If you’re feeling pushed out the door of your current property, or making a long commute, try increasing your budget. This is of course easier said than done, and in an already competitive market this pillar may be the only non-negotiable for some renters. However, if you’re not willing to budge on location, and you’re under a deadline, shifting your budget will help with your overall goal of securing a property.
When it comes to budget, it’s also important to think laterally. If you’re on a fixed income set on living in a certain location due to work or lifestyle preferences, then consider sharing with a friend or getting a roommate to split rent and utility costs. Due to the current market, more and more renters are choosing to share properties rather than live alone. More often than not, your possibilities open up extensively when splitting the rent, resulting in higher quality amenities, and housing options. If that’s not possible (or desirable in some cases) you might need to consider rethinking one of the other pillars, or finding a lower cost temporary accommodation solution to tide you over. .
Location
Location location location! Where we live, especially when it comes to a city like Sydney, often plays a big part in our personality and identity. Whether you prefer the Eastern Suburbs lifestyle, the more laid back Northern Beaches, or the gritty and eclectic Inner West, where you chose to live is to some people almost as important as the place you live in. And for many people with kids, being in the right school district is important. Are you a ‘worst house on the best street’ type person, or are you not wanting to sacrifice amenities simply due to the proximity to nightlife and great coffee? Whatever you decide, if you’re firm on location, you need to be able to have some flexibility when it comes to time and budget.
The reality is, you might have to take the time, as well as increase your budget in an ever-changing market, in order to land the postcode of your dreams.
Client example
Let’s use an example from some of our recent clients. Lauren and Adam were looking for a rental property under $800 and somewhere in the Inner West, and they needed to move in by 26 October because Lauren was starting a new job in the city. In this case, the most important factor was timing: they had to move in by that date, because they lived three hours away, so the commute was too long for Lauren to drive to and from work each day.
That means they needed to be a bit flexible on budget, and on location. Luckily, the Inner West is a pretty broad area, so we could look in Glebe, Enmore, Leichhardt, Rozelle and many more suburbs. In the end, we found them a two-bedroom terrace house in Newtown for $825 (they had to stretch their budget a tad!) and they moved in a week before Lauren’s new job started.
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So when you’re looking for your next rental property, we recommend thinking about time, budget, and location, and decide on which of the three pillars you can be flexible. Hopefully, you won’t need to budge on any of your desirables, but it pays to be prepared.
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