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How Millennials Can Win The Rentals Race When Competing With Baby Boomers

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How Millennials Can Win The Rentals Race When Competing With Baby Boomers

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How do Millennials compete with older, more established renters who offer a greater perceived financial stability and rental history?

 
What can Millennials do to get their foot into today’s competitive rental market?
 
First National Real Estate Palm Beach & The Pines principal, David Hamilton says that Australia’s property culture has changed; that long-term renting is no longer frowned upon, and offers 3 tips to help Millennials stand out as an attractive option for landlords.
 
‘Being a good applicant starts with putting your best foot forward, just as you would with a job interview, and inspecting the property early because agents won’t rent to somebody who has not physically inspected the property.’ says David.
 
'Make sure you have all your references and support documents ready when you lodge the application. We will not process an application until we have all the supporting documents.'
 
Property managers are looking to find the best two or three applicants in the shortest possible time for their landlords. If they need to hunt around for more information with your application, this could make the difference between you getting the property or a Baby Boomer.
 
In the case of students or young people who have no rental history, David says there are other options.
 
‘If you have no rental track record or you’re still living at home, try and get yourself on the lease, if your family rents, as this will help you establish a record of reliable rental payments. Alternatively, if you’ve even leased a weekender or airbnb, chase up a reference from the agent or host involved’.
 
Finally, David says Millennials should consider their social media footprint carefully and ask themselves if they create the right impression in a landlord’s mind.
 
‘Understand that anything you post to your social media account is likely accessible by a landlord trying to choose between applicants. While an agent will conduct rental history checks and put the best applicants forward, it’s the landlord who makes the final decision and they want to feel that their future tenant is a trustworthy, reliable person.’
 
Ultimately, agents and landlords tend to be concerned about the same three key things:

  1. Does the applicant have a history of great routine inspection outcomes?
  2. Has a previous property manager provided a good reference?
  3. Has the applicant always paid the rent on time? 

‘Agents and landlords don’t have an inherent bias against Millennials and they’re not inclined to choose families or more financially secure Baby Boomers either’ says David.
 
‘What distinguishes one applicant from another is not age but track record. Landlords will always favour reliable, trustworthy people who are organised, will pay the rent on time, and will take responsibility for the care of their rental home. Young people can certainly support their rental applications with good character references, showing evidence of the reliable repayment of loans, having a good savings history, and by not applying for a rental property that is beyond their means’.
 

For further information contact:
David Hamilton, Principal, First National Real Estate Palm Beach & The Pines, on (07) 5559 9600.

          

by Celine Battendier

How Millennials Can Win The Rentals Race When Competing With Baby Boomers
palmbeachfn.com.au June
First National Palm Beach
Cnr of 6th Ave & Cypress Terrace, Palm Beach, QLD 4221
Ph: 07 5559 9600
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