Renting a Home With Property Brokerage

Rent a Property

Table of Contents

LOOKING TO RENT A PROPERTY?

Understanding the Fundamentals of Renting

In the face of escalating property values, renting stands out for its flexibility and minimized financial obligations.

With a wealth of experience supporting countless individuals, we’re eager to offer our unique insights.

For Many People Renting Equates to Freedom & Flexibility

Renting is booming in Australia, with around 6.3 million people renting privately – the highest since 1960. And it’s no surprise why. Skyrocketing house prices and mortgage pressures are a big deal. Plus, not everyone wants to be tied down to one property or neighbourhood. Renting offers the freedom and lifestyle many crave.

WHAT ARE THE BENEFITS OF RENTING A HOME?

Renting offers a number of key benefits:

  • Flexibility: Without being tied to a home loan, it's easier to make changes and adapt to different living situations.
  • Financial Stability: With clear monthly expenses, planning becomes more manageable, fostering better financial stability.
  • Maintenance and Repair: Typically, the property owner handles maintenance and repair costs, alleviating financial burdens for renters.
  • Affordability: Renting opens doors to living in areas that may be financially out of reach for buyers.
  • Freedom to Move: When the lease expires, renters have the flexibility to move to a new neighborhood or embrace a different lifestyle.
  • Investment Diversification: Instead of solely investing in a home loan, renters have the opportunity to diversify their investments.
  • Market Risk Protection: As renters don't own the property, they're shielded from the impact of property market fluctuations.
  • Amenities: Many rental properties, especially apartments or units, offer additional amenities such as pools and gyms.
  • Saving for a Home Deposit: Renting can facilitate saving for a future home deposit by providing more financial flexibility.

WHAT IS RENTVESTING AND WHAT ARE THE BENEFITS?

With increasing property prices across much of Australia, getting a foot on the property ladder is challenging for first home buyers. However, the Australian dream of owning a home has not completely disappeared, although it is taking a different form.

Instead of buying a property to live in, many first home buyers are now renting a property in an area they want to live in, and buying an investment property in an area they can afford. This is called rentvesting. Whilst any investment decision should be made in conjunction with your financial advisor, rentvesting can offer some benefits:

  • Get into the property market - ability to buy now rather than waiting to save
  • Build wealth - continue the renting lifestyle while building a property portfolio and your wealth
  • Tax benefits - tax concessions can be available for investors
  • Less emotion in the purchase - the investment location is based on capital gain potential or rental yield, not whether you want live there
  • Ability to move - as a renter, you still have flexibility to move at the end of your lease

WHAT ARE THE STEPS TO RENTING A PROPERTY?

01

Define Your Budget

02

Pick Your Region / Suburb

03

Search For a Rental Property

04

Inspect the Rental Property

05

Ask About the Property & Contract Terms

06

Complete a Rental Application

07

Application Accepted & Lease Signed

08

Bond Paid

09

Condition Report Signed

10

Celebrate a Great Result

SECTION 1

HOW MUCH RENT CAN YOU AFFORD TO PAY EACH WEEK?

Determining Your Rental Budget

AFFORDABILITY

Before beginning your search for a rental property, it's essential to define your budget. Take some time to carefully evaluate your financial situation, considering factors such as your monthly income, existing expenses, and any additional costs associated with renting.

It's important to be realistic about what you can comfortably afford, keeping in mind affordability ratios and any restrictions on rental amounts imposed by your budget. By establishing a clear budget, you'll have a better understanding of what you can afford in terms of rent, utilities, and other living expenses.

This step lays the foundation for a successful rental search, ensuring that you focus on properties that align with your financial capabilities.

SECTION 2

CHOOSING WHERE TO LIVE

Key Steps to Researching Where to Live

WHAT MAKES AN AREA OR SUBURB AN IDEAL LOCATION FOR YOU?

Choosing the right location for your rental property is a crucial step in the process. Start by considering your lifestyle preferences and needs. Are you looking for a vibrant urban neighbourhood with easy access to amenities and entertainment options? Or perhaps a quieter suburban area with family-friendly parks and schools is more appealing to you. Take into account factors such as proximity to work or school, transportation options, and the overall vibe of the community.

Additionally, research the rental market in your desired areas to get a sense of rental prices, vacancy rates, and the availability of properties that meet your criteria. It's also worth exploring factors such as safety, local amenities, and future development plans for the neighborhood. By thoroughly evaluating your options and priorities, you'll be better equipped to make an informed decision about where to live.

SECTION 3

NAVIGATING THE RENTAL MARKET: MASTERING THE PROCESS

Your Guide to Successful Rental Applications

FINDING AND APPLYING FOR A RENTAL PROPERTY
When it comes to finding, inspecting, and applying for a rental property, the process remains consistent, whether you’re eyeing an apartment or a house.

Understanding how to navigate the rental market, what to scrutinize during inspections, and mastering the art of crafting a compelling rental application are all essential components for securing your ideal rental property. Allow us to walk you through each step of the process.

HOW TO FIND A RENTAL PROPERTY

Talk to your local Property Brokerage Property Manager. They are a great source of information, not only helping you find a property from their portfolio but also offering invaluable insights about the area.

Our Property Management team can provide details on average rental rates, local demand, and the lifestyle benefits of living in the area.

SEARCH FOR RENTAL PROPERTIES ONLINE

Searching for a rental property online is the simplest approach. Don't forget to register your details with us, allowing us to match you with suitable rentals from our ever growing database. This ensures a tailored search experience, making it easier to find a home that fits your budget and lifestyle.

Additionally, real estate portals provide valuable insights into rental prices across different suburbs. Consider signing up for rental alerts to stay updated on new listings and opportunities.

SECTION 4

INSPECTING A RENTAL PROPERTY

Knowing What to Look For & What to Steer Clear Of

THE WORLD OF RENTAL INSPECTIONS

Rental inspections can be hectic, especially considering the limited time available to assess the property's suitability. Viewing a property in person is essential to avoid any surprises. Besides the basics, such as ensuring the property has the right number of bedrooms and sufficient space, here's a simple checklist of other aspects to consider:

  • Security measures and presence of smoke detectors
  • Overall cleanliness and presentation
  • Furniture fit – consider measuring to ensure compatibility
  • Storage availability or space for personal belongings
  • Heating, cooling, and energy efficiency
  • Availability of space for white goods
  • Functionality of windows
  • Type of cooktop: gas, electric, or induction

SECTION 5

CLARIFYING QUESTIONS & CONTRACT TERMS

Understanding Contract Terms & Expectations

ASK ABOUT THE RENTAL PROPERTY & CONTRACT TERMS

Asking about the property and contract terms is a crucial step in the rental process. Take the opportunity to inquire about any details or features of the property that may not have been covered during the inspection. This could include asking about the condition of appliances, the age of the property, any recent renovations or repairs, and the availability of parking or other amenities.

Additionally, it's essential to clarify the terms of the rental contract before signing. Ask about the duration of the lease, the amount of rent and security deposit required, and any other fees or charges associated with the rental agreement. Understanding the terms upfront can help avoid misunderstandings or disputes down the line, ensuring a smooth and hassle-free rental experience.

SECTION 6

APPLYING FOR A RENTAL PROPERTY

Understanding the Rental Application

RENTAL APPLICATIONS

Once you've found your ideal rental property, the next step is to submit a rental application. It's important to note that the property may be in high demand, making the application process highly competitive.

The key to a successful application is ensuring you provide all the necessary information. This includes:

  • Proof of identity – such as a passport or driver's license
  • Rental history – provide a rental ledger if you have rented in the past
  • If you're new to renting – personal references from employers or other reliable sources
  • Financial status – include payslips and bank statements to demonstrate your ability to pay rent
  • References from past landlords, property managers, and employers
  • Rental resume – consider creating a rental resume to showcase your rental history
  • Include a cover letter – this can help your application stand out and demonstrate why you're the best candidate
  • Finally, don't hesitate to reach out to the property manager directly. Establishing a personal connection can strengthen your application.

SECTION 7

WAITING PATIENTLY TO GET APPROVED

WHAT HAPPENS AFTER YOUR RENTAL APPLICATION IS APPROVED?

SIGNING A TENANCY AGREEMENT

A Residential Tenancy Agreement, commonly known as a lease, is a legally binding document that outlines the terms and conditions of the rental arrangement between a tenant and a landlord.

It's essential not to sign the lease until you have thoroughly read and understood its terms, as well as what is expected of you as a tenant.

Key components that should be included in a lease agreement are:

  • The name and address of the tenant
  • The name of the property manager or landlord
  • The start and end dates of the lease
  • Details of the rent amount and payment schedule
  • The amount of bond required
  • The duration of the tenancy
  • Standard terms outlining the rights and responsibilities of both parties
  • Special terms, which must be agreed upon in advance and may include specific conditions such as keeping pets outside, no smoking, or maintenance arrangements

SECTION 8

PAYING THE BOND

Understanding the Rental Bond / Security Deposit

WHAT IS A RENTAL BOND?

A rental bond serves as a one-time security deposit paid by the tenant at the beginning of the tenancy. Its primary purpose is to provide financial protection to the landlord in the event of any breach of the lease agreement by the tenant. The specific amount of the bond is typically outlined in the tenancy agreement and is often equivalent to four weeks' worth of rent, although this may vary slightly depending on the State or Territory in which you are renting.

The process of paying your rental bond will vary depending on the State or Territory in which you reside. Once paid, the bond money is held in an approved 'Bond Trust,' managed either by the state government or an approved financial institution. These funds remain in the Bond Trust until the conclusion of the tenancy.

Approximately five to ten days after the bond is lodged with the relevant authority, you will receive a receipt containing a rental bond number. This receipt serves as proof of payment, which you will need when your lease ends and you seek the return of your bond.

Upon the conclusion of the lease, the property manager will conduct a final inspection of the property. Based on this inspection, they will determine whether all or part of the bond should be refunded to the tenant. It's important to familiarize yourself with the bond rules specific to your State or Territory to ensure compliance with local regulations.

SECTION 9

THE CONDITION ENTRY REPORT

What is an Entry Condition Report?

UNDERSTANDING THE CONDITION ENTRY REPORT

A condition report serves as an official record detailing the overall condition of a rental property. Before a tenant moves in, a Property Manager conducts a thorough inspection of each room, documenting any existing damage or issues, no matter how minor. In many cases, they may also capture photographs or videos of the property to supplement the written report.

Once the inspection is complete, two copies of the condition report are provided to the tenant for review, action, and signature. It's essential for you, as the tenant, to carefully review the report. If you disagree with any sections, be sure to note any necessary amendments. One signed copy must then be returned to the landlord or Property Manager within the specified time frame.

It's important to retain a copy of the condition report throughout the tenancy period. This document will be crucial for assessing the property's condition before the tenant moves out and, importantly, before the Property Manager approves the refund of the bond.

SECTION 10

CONGRATULATIONS TIME TO MOVE IN

Celebrate Your New Home

Your keys are in hand, and you're ready to move into your new rental home!


Celebrate this exciting new chapter of your life. Take a moment to bask in the excitement of settling into your new home and the adventures it holds.

YOU'RE IN GOOD HANDS WITH US

Why Rent a Home with Property Brokerage?

Embarking on the journey of finding your next rental property is about more than just securing a roof over your head—it's about discovering a lifestyle that suits you. At Property Brokerage Real Estate, we specialise in helping you find the perfect rental home.

Explore our Rental - Tenants Knowledge Centre, a valuable resource filled with practical insights, tips, and useful downloads, making your journey to finding the ideal rental property smoother.

Browse through our selection of rental properties available at Property Brokerage Real Estate. Be sure to also register for alerts to stay informed about upcoming rentals that match your criteria, ensuring you're among the first to know about new opportunities.


With options to suit every lifestyle, we're dedicated to ensuring you find a rental home that meets all your needs.

As you navigate the exciting journey of renting a home, take into account the advantages and disadvantages outlined in this guide. Whether you’re contemplating a long-term commitment or exploring short-term options, making a well-informed decision is essential for a rewarding and fulfilling rental experience.