If you have been looking for a rental property in Waterford recently then you’ll have noticed that demand far exceeds supply and that rental prices are on the rise. The most recent Daft.ie rental report advises that rents nationally were 8.5% higher on average than in the same period last year.
So how does this affect you, the tenant on the lookout for a home? Well, obviously it means rent prices are slightly higher but even more importantly it means to find the right place you have to be prepared, know what you want and be ready to move. As an experienced professional working in the rental market for the last 10 years I’ve never seen the stock supply so low, good quality properties are coming to the market and disappearing in a flash.
It sounds simple but my advice to potential renters is to be prepared and ready to move; have your current work and landlord references ready, your first month’s rent and deposit to hand. Next, you need to work out what is important to you. Make a list of your ‘wants’ and ‘needs’ to help you find the best property out there for you; what’s most important to you? Is location the most important thing or is budget the defining factor in your search? Do you need a back garden? Using these guidelines check the internet for what’s available, I’d suggest you start looking 2 to 3 weeks before you are ready to move (although in searches where location is key, such as the Dunmore road, then you may need to start looking sooner). If you find a property that matches your needs then act on it quickly, call and email the agent. Time is of the essence. A good landlord will wait up to 2 weeks for the right tenant to move in. If you are looking earlier than this you need to be prepared to start paying rent from 2 weeks after you view and pay your deposit, whether you have moved in or not.
If you can’t see what you are after online straight away don’t worry, all is not lost. Be proactive; don’t wait for something to arrive online, start making calls. I regularly get calls from perspective tenants looking for a type of property they can’t see advertised online. I love these types of calls; generally these tenants have all their paperwork in order and are just looking for the right property to arrive to the market. This is an agents dream as organised renters are seen as good tenants in their eyes and so they’ll love doing business with you, putting you one step ahead of the general public. By being organised you’ll form a relationship with your agent and they will work for you and you’ll be first to hear when a property that suits your needs is available for rental.
But what happens if the right property isn’t available and I need to move soon? I hear you ask. Well, a good agent will ask you the right questions, they too will want to assess your ‘wants’ and ‘needs’. You’d be surprised how many times I have a perspective tenant enquiring about a property and when I delve a little deeper I realise that other properties on my books would suit them better or that they’ve overlooked a property that matches all their needs but just hasn’t grabbed them for one reason or another. Use your agents experience, they do this all day every day and should know the market inside out, if they don’t then find an agent who does.
However If the ‘perfect’ property still isn’t there then I’m afraid compromise may be needed. At this stage you need to go back to your original ‘needs’ list and see what available property best meets these criteria. When the location and price are right and a property works on a practical level you’d be surprise how homely it can be made once you start living in it even if it didn’t jump out and grab you from the outset.
So in essence, to have the best chance of securing the right property for you; be prepared, make sure you know what you want and what aspects are most important and get in contact early to let your agent know what you require.
Happy (House) Hunting
Auctioneer & Letting Agent at LibertyBlue.ie