Key Points To Remember When Renting An Apartment

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Key Points To Remember When Renting An Apartment

Feb 05, 2024

Whether you are looking at independent homes or high-rise apartments in capital cities, rents across Australia have been increasing at a rapid pace. According to a recent study, Sydney has emerged as the most expensive capital city to rent an apartment.

The median rent for a residential property in Sydney is $750/ per week. This may vary depending on the size of the apartment, location and local amenities, such as education, healthcare facilities, etc.

However, renting an apartment is more affordable than buying a home from scratch, especially in metropolitan cities. The average house price in the capital of NSW is more than $1.2 million, while the unit price is $750,000. This has encouraged people to go for leased premises with their families.

Unfortunately, the high demand has made landlords and property managers outrageously raise the rent. So, it is good to do proper research on Sydney’s Residential rental market and keep the following things to remember. Make decisions wisely and move safely with your family.

1. Know Your Specific Requirements

Renting allows you to opt for a property as per your specific needs. When searching for a new rental property, decide whether you want to downsize or upsize. This becomes even more crucial if moving from a small town to a big city.

Creating a must-have list can help you choose the most suitable option. Make sure you consider:

  • The number of rooms you need
  • High-rise or low-rise Apartment
  • Pet-Friendly property
  • Local amenities

These are essential considerations that will help you make a well-informed decision.

2. Understand Your Budget

This is one of the crucial steps before hunting for your first rental Apartment in Sydney. It is important to decide how much rent you can afford.

According to the experts, try to focus on spending no more than 30 per cent of your gross income on rent to maintain financial stability. Creating an estimated budget can help you determine potential expenses involved in home relocation and other aspects, including utility services, bond cleaning fees, groceries and cost of living in the capital city. This will help you find an ideal location within an estimated budget.

Tip: Do proper research and book budget removalists Sydney for your precious household belongings.

3. Research An Ideal Location

Now that you have an estimated budget, be sure you start searching for the most suitable location in the capital city. Choose a family-friendly suburb that matches your lifestyle and budget. For that, consider the following factors:

  • Proximity to a school and office
  • Nearby healthcare centres
  • Noise levels
  • Quality of living
  • Gyms and other fitness centre
  • Easy Accessibility to public transportation

It is good to hire a professional real estate manager who can navigate the rental market and help you find the best location as per your budget and specific requirements.

They can help you find the most expensive suburbs in Sydney if you want to enjoy a lavish lifestyle.

Tip: Shortlist at least 4-5 properties in different locations and compare carefully to make the right decision.

4. Get Familiar with the Rental Application Form

Securing a rental property becomes easy after arranging the necessary documents for the rental application form. This often includes employment verification, a credit score check, IDs and other aspects to help get the desired Apartment. Make sure you have the following documents to apply for a rental property:

  • Identity card or Driver’s license
  • Reference from your employer
  • Income Proof – At least 3 most recent pay slips
  • Social security number for a credit check
  • Contact details
  • A recent utility bill, such as internet, electricity, etc

These will strengthen your application and make the process easier.

5. Conduct A Thorough Property Inspection

couple inspecting a property before renting

Make sure you inspect every nook and cranny before signing the rental agreement. Plan a visit during daylight hours and check for water leaks, safety functionalities, property damage, pests, mould, fire hazards and malfunctioning appliances. Here are some more aspects to consider:

  • Is there enough natural light?
  • Is there an HVAC system on the property?
  • Will it fit my large furniture?
  • Is the garden maintained properly?
  • Are smoke alarms installed? Etc.

It is good to take photos and videos to inform your property manager or landlord if you find any structural damage. If something needs to be fixed or cleaned before moving in, they will do it after the inspection.

After that, you can plan things further and also book professional removalists Sydney for safe and sound transportation of your furniture and other belongings.

6. Carefully Read Your Lease agreement

Landlords and property managers exploit those who are not aware of their tenant’s rights and responsibilities. If you want to become a responsible renter, read your lease agreement carefully before signing it.

It is a legal binding between you and the landlord that outlines the terms and conditions of the agreement and other key details, such as:

  • The Lease period
  • Bond money amount
  • Monthly rent
  • Cleaning Standards
  • Provision of water and electricity
  • Tenant’s duties
  • Termination terms
  • End of lease cleaning requirements, etc

This will help you avoid rental disputes at the end of your tenancy.

7. Establish a Rapport with Your New Landlord

It is good to have clear communication with your new landlord. This will help you build strong relationships from the beginning.

Ask questions regarding the rent and security deposit if you have any doubts to avoid disagreements later.

Once you have finalized the rental property, make sure you begin packing and get rid of items you no longer need. This will help you move to a new place with the help of professional removalists Sydney. This will reduce your stress and help you settle in a new community with ease.

Points To Remember When Renting:

Here is a list of key points To Remember When Renting An Apartment

Wrapping Up

Renting an apartment in a capital city is a milestone. Make sure you prepare everything in advance and do proper market research to find an ideal property. This guide will help you make a well-informed decision within your estimated budget.