Home ownership rates among 25-34 year olds are in free fall in Australia.
According to an analysis by the ABC, the proportion of Australians in this age bracket who own their own home dropped from 61% in 1981 to 45% in 2016, and the rental market has become fiercely competitive as a result.
In fact, 47% of renters in a realestate.com.au survey identified competition among renters as an “extremely frustrating” part of the rental process – a pain point that Kul Singh, REA Group Executive Manager for Rent, hopes to address with the rental application platform 1form.
By setting up your 1form profile, applying for your next rental will be a simple process. With all your information in one place, you can apply with just a click of a button to as many properties as you like.
Known as Tenant Verification, the new feature helps renters push their rental applications to the front of the queue, by providing property managers with thorough background checks.
“It’s an opportunity for renters to stand out from the crowd, as it offers proof of identity and provides background checks, which go a long way towards convincing property managers that they will be great renters,” says Singh.
To add a Tenant Verification report to their application, users log into 1form, click ‘Get Verified’ – desktop users will find this option at the top of the page; mobile users, in the dropdown menu on the left-hand side – and then select ‘Verify for just $29’.
The report contains the results of an identity check through the Australian Government Document Verification Service and specifies whether you are listed on Equifax’s National Tenancy Database. The report remains valid for 6 months, during which time you can attach it to all your rental applications to give yourself the edge.
According to Singh, the peace of mind and time-saving benefits that these background checks offer to property managers mean that they “prioritise these applications first”.
“Property managers are often processing large volumes of applications, and to have certain tenants proactively including Tenant Verification reports as part of their applications really helps them identify the strongest candidates,” he says.
Consequently, in a highly competitive rental market, a Tenant Verification report could be the difference between a tenant picking up a new set of keys and coming up empty-handed.
“There is a lot happening to make the experience for a renter to apply and secure a property easier and more enjoyable,” says Singh.
Make sure when you’re searching for your next rental that you sign into your MYREA account. By having an account, you can save the rentals you want to apply for later, keep up-to-date on new rentals in the market within your preferred neighbourhoods, and contact listing agents to find out more about the property.