First Time Renters - What You Need To Know

As classes for university begin in a month, many young people have begun looking for their very first rental. Searching for your first home away from home is the fun part, but when it comes to applying for a rental property - things get a little more serious.

Be prepared

As a first time renter, having your application ready to go before even seeing a property allows you to be ready to apply for it as soon as you imagine yourself living in the space.

It’s best to have a copy of all your documents, including identification, a phone bill, and payslips on file.

If you're planning on moving in with room-mates this is even more important as combining the applications of multiple people can often take some time. Time which you don't want to waste, because someone will beat you to the mark.

Also have references lined up and let them know that a property manager or landlord may call. As a first time renter you won't have a rental history for them to refer to, so credible and relevant references will help you here.

Inspect the property

Generally an obvious step, but it is important for renters to inspect the property before signing a lease. That way, you know for sure that the perfect apartment is in fact perfect and not a dud.

Renters should visit a property at least once and check the following:

– the property is not damaged

– the garden is maintained

– all current appliances including ovens and heaters are working

– and the number of tenants is as stated

In inspecting a rental, you also get the opportunity to chat with the agent and ask for any tips that may put you ahead of the competition when applying for a particular area.

What is a residential tenancy agreement?

If your application is successful, a landlord or property manager will want you to sign a contract known as a residential tenancy agreement.

You must have a legal contract between you, as the tenant, and your landlord. The legal contract is commonly called a lease.

A residential tenancy agreement should outline:

– the amount of rent and how it is to be paid

– the length and type of tenancy

– the amount of bond required

– other conditions and rules.

– details on what will happen if you break the lease or ask to leave before the agreement expires

– special terms agreed upon including pets and special cleaning requirements

What is a bond?

When signing the contract you will be asked for a bond, which is a deposit that serves as security for the landlord or owner, in case you don’t meet the terms of your lease.

At the end of your agreement, your landlord may claim some or all of the bond for cleaning, repairs, or replacement of missing items.

The bond and rent are separate payments and often you will be asked to pay a certain amount of rent up front as well.

You cannot use any part of the bond as rent, which means when you move out, you can’t ask the landlord to deduct your final rental payment from your bond.

What is a condition report?

A condition report is a document that notes the state of the property when you first move in.

The landlord or property manager must prepare a condition report for you to check and sign within days of moving into your new home. It should include detailed information on the condition of the property’s walls, doors and floors, and cover existing damage or issues with any furniture and appliances.

Before you move in, take photos to help record the property’s original condition.

The condition report is important because it can be used as evidence if there is a dispute about who should pay for cleaning, damage or replacement of missing items at the end of the agreement. Which means it’s very important that you and the landlord agree on the contents of the condition report before signing it.

Landlords can claim a portion of your bond if you fail to leave the property in the same condition as when you moved in. They must, however, account for wear and tear.