Renting in Melbourne is undoubtedly a tough game. As the country’s second fastest growing and most densely populated capital city, rent prices are rising as demand for comfortable places to live increases steadily with them.
That means there’s a lot to be on the lookout for, from protecting the belongings you’re moving in with, to ensuring you find somewhere that’s fit for purpose, rather than being pressured into signing a contract for fear of it being offered to someone else first.
In this guide, we’re telling you what prospective renters in Melbourne need to know, so you can protect yourself, your assets and your finances when finding the perfect place to live.
Cover Yourself & Your Belongings
Wherever you’re moving, you’re going to have some things to take along with you. And whether it’s nothing more than a carry-on backpack, or everything including the kitchen sink, you want to feel confident that your items are safe. You might not be able to get insurance for the property itself, but there is such a thing as content insurance for renters that’s expressly designed to safeguard your assets, furniture and belongings.
Renters content insurance works similarly to most other content insurance policies, as a buffer in case your property is damaged or lost through theft, natural disaster, leaks and gas explosions.
Alongside safeguarding your own assets as a tenant, renters insurance can also provide you with up to 12 months coverage if your rental becomes uninhabitable, and even cover lock replacements if your key gets stolen. Rental insurance is one of the first things you should scope out, so that should any unexpected, unpleasant events occur, you won’t have to worry about where to go, or covering the cost of replacing your property.
Scope Out The Right Location For You
Like all big cities, Melbourne is a melting pot of cultures and diversities, with something to offer everyone. And like all cities, Melbourne also has some spots you’d probably care to avoid when it comes to choosing a place to live. Melbourne’s north is home to a more bohemian, alternative crowd, and for this reason tends to attract younger individuals with more liberal perspectives. South of the river is where the business district is, so you’ll find a densely packed radius of high-rise apartments for busy commuters.
The west of the city is in the process of gentrification, with plenty of investment into cheaper Melbourne suburbs to rent like Werribee and Melton, turning the area into a promising spot for young professionals looking to save but still live close to the inner-city. And to the east of the CBD, you’ll find a mix of affluent neighbourhoods amongst high-crime rate suburbs, which of course you’ll want to avoid.
Make sure you do your research, and pick an area of Melbourne that aligns with your lifestyle, not just your budget.
Make Sure The Property You Pick Is Up To Scratch
Are you aware that all Melbourne properties rented out must comply with VCAT (Victorian Civil and Administrative Tribunal) standards – a set of 14 minimum standard categories? These are all pretty straightforward, such as making it compulsory for all rooms to be free of damp and mould, guaranteed structural soundness, and adequate ventilation, as well as secure window and door locks.
However, that doesn’t mean all properties listed for rent will follow this checklist. No matter how good a deal or listing seems to be, you should always check with the estate agent or landlord for proof that the property meets all 14 standards. Otherwise, you’re bound to be in for some tenancy nightmares.
Be Aware Of Rental Scams
Rental scams are rare, but they do exist, and you should know the warning signs so you don’t fall into any traps along your rental journey. Generally, these scams work by advertising real photos and addresses of properties that someone either does not own, or is no longer in the same condition pictured. Then, deposit payments and bonds are paid upfront, and the prospective tenant either never hears from the agent again, or signs a contract for a property which is sub-par, and not what was advertised.
You should always request to see the property, even if you know you won’t be able to. Be very wary of any agent who says it is impossible for an inspection to take place, or who pressures you into paying money before you have had a chance to see or discuss the property in detail.
Always Remain Cautious
Another aspect of rental scams is identity theft and fraud: if someone is requesting a long list of personal information such as pictures of your passport and credit card details, make sure you know they are coming from a trusted source, such as being registered with a real estate company, or having multiple social avenues they can be traced on, such as LinkedIn.
If something seems too good to be true and you’re being rushed, be extremely cautious. The rental market is tough, but it’s not impossible to crack. Hold your horses, and wait till something comes along that you feel more confident is a legitimate listing.
****
Now that you’re equipped with the knowledge, facts and figures you need to tackle the Melbourne rent market, all that’s left to do is start scouring those websites and requesting inspections as soon as new listings pop up. Give yourself at least 2 – 4 weeks to find a rental property so you’re not left in the lurch, and you’ll be a settled in local in no time.
