Coming Up Sat 10:00 AM  AEST
Coming Up Live in 
Live
Filipino radio

How do I increase my chances of getting approved for a rental property?

How do I increase my chances of getting approved for a rental property? Source: Kindel Media from Pexels

Finding a place to rent might be more difficult than you initially thought. Finance journalist and landlord Michelle Baltazar gives reasons why you might not be getting approved and tips on how you can up your chances.

'May PERAan' is SBS Filipino's new podcast series which features financial experts seeking to answer the most common questions about money and finances.

Finance journalist Michelle Baltazar gives her insights as a landlord why some applicants get rejected for rental properties and how they can increase their chances of getting approved.

 

Listen to the podcast

Paano tataas ang tyansa mong mapili ng landlord sa pag-renta ng bahay?
00:00 00:00


Highlights

  • Income, savings and residential status play a big role in getting approved for a rental property.
  • You may need to seek properties in other areas.
  • If you really want to rent a particular property, you can offer more money and agree to rent for a year.

What landlords look at

Michelle shares that landlords will typically look at savings, how steady your employment is, residential status and referrals from previous landlords or real estate agents.

"Take this with a grain of salt, but because of COVID-19, healthcare professionals may find it a bit difficult to find a place to rent in an apartment block," she shares, adding, "They might need to look for rental properties in other areas."

She also shares that single-income homes may also have difficulty looking for a home to rent.

"As a landlord, I would usually go for, let's say, a couple with a double income over a single individual."

How you can up your chances of approval

Although finding a place to rent can be challenging, Michelle shares there are ways to increase your chances of approval.

"If you really like a place, tell the real estate agent that you're willing to pay more money and sign on to a longer lease. You can offer to pay 10 AUD more a week for three months to prove that you can afford rent and, you can offer to sign a 12-month lease."

"Look at Facebook groups as well; but make sure that before you agree to rent a property, everything is above board and that you sign a lease." 

Disclaimer: This article is for general information only. For specific financial advice, you should consider seeking independent legal, financial, taxation or other advice to check how the information here relates to your unique circumstances.

Listen to SBS Filipino 10am-11am daily

Follow us on Facebook for more stories