Your Step-by-Step Guide to Renting a Property
Renting is convenient with Real Alliance.
We guide you every step, making the process clear, easy, and stress-free.
Renting Made Simple
Renting has become increasingly popular due to greater flexibility and lower financial commitment compared to home ownership. With years of experience helping individuals rent properties across Victoria, we guide you through the process with expertise.
Decide on your budget.
Choose your preferred location.
Search for rental properties.
Inspect the property thoroughly.
Ask questions about the property and lease terms.
Submit a rental application.
Once approved, sign the lease.
Pay the bond.
Review and sign the condition report.
Move into your new home.
Advantages of Renting a Home
Renting is an attractive option for many Australians. With around 6.3 million people living in the private rental sector — the highest rate since 1960 — renting offers freedom and lifestyle benefits without the burden of a mortgage.
What are the key benefits of living in a rental property?
If you are thinking of living in a rental property, we want you to know that it allows you to be free from many burdens.
No Major maintenance costs or repair bills
Property owners are responsible for these expenses.
No market risk
Property value fluctuations do not affect your finances.
Flexibility to relocate
Move easily when your lease ends.
Financial stability
Fixed monthly costs help with budgeting.
Save for a home deposit
Renting allows you to allocate funds toward future property investment.
Access to facilities
Many apartments or units offer gyms, pools, and other amenities.
Rentvesting: The Smart Approach
Rentvesting allows first-time buyers to rent in a desirable location while purchasing an investment property in an affordable area. Benefits include:
- Entering the property market sooner.
- Building wealth while renting.
- Access to potential tax advantages.
- Reduced emotional bias in property decisions.
- Freedom to relocate without being tied to a property.
Locating and Applying for a Rental Property
The key to a successful rental experience is thorough market research, careful inspections, and a strong rental application.
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Tips for Rental Market Research:
• Search online portals for rental listings.
• Attend inspections to evaluate properties in person.
• Compare rental rates across suburbs.
• Sign up for rental alerts to stay ahead.
Is your house not selling as you thought? Know when to get your property appraised
The most trustworthy resource for this information is our Real Alliance Real Estate agents in your local neighbourhood. They can assist you in finding a wide variety of houses according to your preferences, and they also have a wealth of in-depth local knowledge, which is crucial when renting.
What to Look for During Inspections
Rental inspections can be challenging, especially with limited time. Here’s a quick checklist:
- Security features and smoke detectors.
- Overall cleanliness and presentation.
- Suitability of space and furniture placement.
- Storage and appliance provisions.
- Heating, cooling, and energy efficiency.
- Window functionality and natural light.
- Cooktop type: gas, electric, or induction.
Submitting a Rental Application
Once you find your ideal home, prepare a strong application:
- Include valid ID (passport or driver’s license).
- Provide rental history or ledgers if previously rented.
- Supply references from employers, previous landlords, or credible sources.
- Demonstrate your ability to pay rent with pay stubs or bank statements.
- Consider including a cover letter and rental resume.
- Meet with your property manager if possible — putting a face to the application helps.
When Your Application is Approved
- Residential Tenancy Agreement (Lease): Read carefully before signing.
- Bond Payment: Held as security against damage or unpaid rent.
- Condition Report: Details the property’s state at move-in; sign and retain a copy.
Understanding Your Lease
A Residential Tenancy Agreement is a legally binding contract outlining:
- Tenant and landlord/property manager names.
- Property address.
- Lease start and end dates.
- Rent amount and payment schedule.
- Bond amount.
- Duration of tenancy.
What should I do when I get my rental application approved?
When your rental application gets approved, you usually get an email from your property manager or landlord notifying you that your application was successful.
A copy of the Residential Tenancy Agreement, often known as a lease agreement, will also be sent for your perusal and signature. It is crucial that you thoroughly read this agreement before signing it since it contains information about your rights and obligations and is legally enforceable.
Usually, you’ll have to pay the bond before you can move in. This is held as security in the event that the renter violates any of the contract’s stipulations, including those pertaining to excessive damage or unpaid rent.
A copy of the condition report will also be sent to you prior to move-in, which you should sign and maintain on file. This is a list of the property’s overall condition of repair, broken down by room and including fixtures and fittings.
What exactly is a residential tenancy contract?
A Residential Tenancy Agreement, or lease as it is called, is a legally binding agreement between a tenant and a landlord that sets out the terms and conditions for the arrangement.
Do not sign the lease until you have read and understood the terms and what is expected of you as a tenant.
What should be included in a lease agreement?
- The name and address of the tenant
- The name of the property manager / landlord
- The start and end date of the lease
- The rent and when and how it should be paid
- The amount of bond required
- The length of the tenancy
What to Look for During Inspections
Rental inspections can be challenging, especially with limited time. Here’s a quick checklist:
- Security features and smoke detectors.
- Overall cleanliness and presentation.
- Suitability of space and furniture placement.
- Storage and appliance provisions.
- Heating, cooling, and energy efficiency.
- Window functionality and natural light.
- Cooktop type: gas, electric, or induction.
Submitting a Rental Application
Once you find your ideal home, prepare a strong application:
- Include valid ID (passport or driver’s license).
- Provide rental history or ledgers if previously rented.
- Supply references from employers, previous landlords, or credible sources.
- Demonstrate your ability to pay rent with pay stubs or bank statements.
- Consider including a cover letter and rental resume.
- Meet with your property manager if possible — putting a face to the application helps.
When Your Application is Approved
- Residential Tenancy Agreement (Lease): Read carefully before signing.
- Bond Payment: Held as security against damage or unpaid rent.
- Condition Report: Details the property’s state at move-in; sign and retain a copy.
Understanding Your Lease
A Residential Tenancy Agreement is a legally binding contract outlining:
- Tenant and landlord/property manager names.
- Property address.
- Lease start and end dates.
- Rent amount and payment schedule.
- Bond amount.
- Duration of tenancy.
What should I do when I get my rental application approved?
When your rental application gets approved, you usually get an email from your property manager or landlord notifying you that your application was successful.
A copy of the Residential Tenancy Agreement, often known as a lease agreement, will also be sent for your perusal and signature. It is crucial that you thoroughly read this agreement before signing it since it contains information about your rights and obligations and is legally enforceable.
Usually, you’ll have to pay the bond before you can move in. This is held as security in the event that the renter violates any of the contract’s stipulations, including those pertaining to excessive damage or unpaid rent.
A copy of the condition report will also be sent to you prior to move-in, which you should sign and maintain on file. This is a list of the property’s overall condition of repair, broken down by room and including fixtures and fittings.
What exactly is a residential tenancy contract?
A Residential Tenancy Agreement, or lease as it is called, is a legally binding agreement between a tenant and a landlord that sets out the terms and conditions for the arrangement.
Do not sign the lease until you have read and understood the terms and what is expected of you as a tenant.
What should be included in a lease agreement?
- The name and address of the tenant
- The name of the property manager / landlord
- The start and end date of the lease
- The rent and when and how it should be paid
- The amount of bond required
- The length of the tenancy
Rental Bonds Explained
Importance of the Condition Report
Want to Know More
Once you have made the decision to buy a new home, knowing how to research the market and what to look for in a neighbourhood are key.
How can I find my rental home?
You can browse through our rental properties and see whether our listing has the property that suits your needs. When you find your next nest to rest in our listing, we will take care of the rest until you get the rest you waited for so long
Talk to my local Real Alliance Real Estate agent
You can contact one of our real estate agents or property managers to help solve all your rental property questions. With your local real estate market analysis and insights, we will help you find the right rental property for you.
How Real Alliance Can Help
• Browse our rental listings to find your next home.
• Consult with a local property manager for insights on rental rates, market trends, and lifestyle benefits.
• Receive guidance throughout inspections, applications, and lease signings.
Start your rental journey today — let Real Alliance help you find the perfect property.