A ‘landlord’s market’ is a thing. Just like we saw the ‘seller’s market’ during the pandemic, we’re now navigating a rental shortage – that some experts call a crisis.
It’s caused people in other states to bid for a rental, with properties for rent listed as a range rather than a fixed cost. Who pays? The successful tenant, as well as those who miss out.
In South Australia, unlike Victoria, Queensland and Tasmania, there’s no legislation in placeagainst ‘rent bidding.’
It’s normal for the market to impact rental prices, but bidding creates an unfair advantage to those with extra resources. Secure, affordable, and available housing is critical for a well-functioning society. According to Australian Government data from 2021, 31% of the nation are renters.
Not being ready to (or choosing not to) buy a house is a decision. Not being able to find and be approved for a rental property puts people at risk. Some individuals might not have the luxury of family or the helping hand of a friend to stay with.
Tenants are facing a two-pronged problem: shrinking vacancies and rising rent. In August 2022, there was nearly half (691) the number of available rentals in Adelaide than the same time in 2021 (1,229). This trend extends to house rentals in the Adelaide Hills, with very few rental property vacancies.
If your lease is up within three months, read this guide.
Preparation, forethought and a longer lead time before the end of your lease is the best strategy to secure a new rental.
Know what you want
While you might be tempted to apply for all the Adelaide Hills rentals you see, spend some time thinking about your ideal place. What suburb in the Adelaide Hills do you want to live in? What’s your range for weekly rent? What type of home are you looking for and what are the non-negotiables? Curate a list of what you want to direct your search.
You’ll likely have a specific property and price in mind. This is a useful list (especially for your real estate agent) but don’t be married to it. Just as buyers have to adjust their expectations in a seller’s market, the same strategy applies. Pick the absolute must-haves on your list vs. the ‘nice to haves.’ For example, is location more important than price?
Communicate with your real estate team
We believe everyone should have a real estate Adelaide Hills team – not just when you’re moving. A good real estate agent should support you just like an accountant, mechanic or hairdresser does, at different times throughout the year.
It’s not a once-every-few years relationship. At least not at Nitschke.
We don’t just help you apply and get approved for a rental. We partner with you through all moves, milestones, and life stages. It’s an ongoing relationship and you can always call us with any real estate questions.
Make alternative plans
As we’ve said before, “random acts of real estate” happen. What can go wrong could go wrong. Prepare for the best but always expect hiccups.
If you follow the process, work with good real estate agents Adelaide Hills and give yourself plenty of time, you shouldn’t have any problems.
However, consider a back-up plan if there’s a gap between your current lease and securing a new one. This’ll help empower your rental search and prevent taking the first property you’re approved for, even if it’s not the right fit.
Put yourself in a landlord’s shoes. What are all the reasons why you’re the best tenant? Don’t be afraid to communicate these with us, no matter how small they are. Committing to a longer lease can give you a leg up, for example.
With the right strategy and support, you can avoid the rental bidding trap.
Browse our current rentals in the Adelaide Hills and reach out to us.
Let’s find your next rental.