Canada's rental market is hot as ever, with multiple prospective tenants competing for a limited number of properties across the country. Properties in the most attractive locations and being snapped quickly. At the same time, interested applicants usually end up joining multiple long waitlists, on many occasions never hearing back from the landlords or property managers. In such a competitive market, it becomes paramount for you to stand out to landlords to increase your chances of securing a rental property over other prospective applicants.
Get ahead of the competition when applying for a home in a competitive rental market by considering the following six tips:
1. Fill out an online application
If the property you're interested in gives you the option to fill out an online application, you should fill it out as completely and honestly as possible. It is not sufficient to express interest in the property. Take the extra steps to inform the landlord about who you are. This extra step will send the message that you're a serious applicant and may even give you the edge over applicants who didn't fill out an online application.
2. Have all your documents ready on the viewing day
When you're viewing a rental property, make sure you have all the necessary documents on hand. Documents such as credit reports, pay stubs demonstrating the source of your funds, and verifiable employer and landlord references will go a long way in making your application stand out. Having this information on hand allows you to come across as a responsible renter and eliminates the need for unnecessary back and forth, making it easier for a landlord or property manager to process your application. Many applicants tend to be disorganized and “sloppy” when it comes to paperwork, so being proactive and staying organized will help you stand out from the crowd.
If you want to make your application even more unique, consider the option of writing an introduction letter to the landlord explaining why you'd be a great tenant. This letter could potentially convince a landlord to pick you over other interested applicants.
3. Make sure to be punctual
Getting to your appointment on time creates a good impression and allows the landlord or property manager to infer that you'll be able to pay your rent promptly due to your ability to keep time.
4. Make sure you look your best
First impressions matter. People may judge you when they meet you for the first time based on your external appearance. Showing up for a viewing looking untidy may ruin your chances of securing the property because a landlord will assume that your grooming habits reflect how poorly you'll take care of their property. So, make sure you look tidy and well-groomed, and added to that, wash your car beforehand so that it's as presentable as you are.
5. Offer flexibility
In a competitive rental market, landlords are spoilt for choice when choosing an ideal tenant. Being flexible with the terms of your lease can help you stand out from the crowd. Signing a longer lease, having the deposit ready if you're prepared to commit while you finalize the lease agreement details, or moving in sooner rather than later are some ways you can be flexible as a prospective tenant.
6. Communicate well during and after the viewing
Viewing a property is an opportunity for a landlord or property manager to interview you. Make sure you're communicating clearly and emphasizing why you'd make a great tenant. Communicating ahead of the viewing and preparing specific questions may show the landlord that you are prepared and genuinely interested in the property. Following up after the viewing can also help you stand out from other applicants. Sending a thank-you email or asking any follow-up questions keeps your name top of mind and allows further dialogue. While communicating is essential, don't overdo it. Keep your messages concise and allow for the landlord to respond within 48 hours before following up again.
Although looking for the ideal rental property can be challenging, especially in a competitive rental market, there are several things you can do to position yourself as an excellent fit and stand out from other prospects.
