Low supply and increased interstate migration have fueled competition in the rental market resulting in a shortage in rental properties across the Gold Coast. Finding and securing a lease has become a real struggle for both locals and people relocating to the Gold Coast from interstate.
So how do you find a rental on the Gold Coast? Here are our top tips to putting you in the best position to securing a rental property.
Where on the Gold Coast is your best chance to find a rental?
The available residential rentals have declined steeply since April 2020 at the height of COVID when the average vacancy rate was just over 3% across the Gold Coast regions. Your best chance now to find a rental is in the central Gold Coast where the vacancy rate is 1%, the toughest area to secure a lease is in the southern Gold Coast with a vacancy rate of 0.5%. While in the northern suburbs of the Gold Coast and the Hinterland the vacancy rate currently sits at 0.7%.
Searching for rental property listings
The predominant real estate website in Queensland is realestate.com.au followed by domain.com.au.
It is a good idea to save your searches on these sites and set up alerts, so that as soon as a new property that meets your criteria is listed, you receive a notification.
Other alternative platforms worth checking are gumtree.com.au, Facebook Marketplace and local area Facebook groups. Surprisingly there are quite a few listings to be found. A word of caution; there are many scammers on these platforms, so do your due-dilligence and never, ever pay anything unless you or someone else on your behalf has inspected the property in person
Speak to the local real estate agents. Compile a list of the top rental agents in your search area and contact them directly to see what they have coming up; this is a good way to be the first to find out when a new property comes on the market.
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Be prepared! Gather everything you need to apply for a rental
Don't leave gathering the required documents to the last-minute and find yourself scrambling around when you've found the perfect house or unit. Be organised and have everything ready to go before you start looking.
Agents prefer online applications, this makes their lives remarkably easier, so make sure you have digital copies of everything. Here's what you will need:
1. 100-points of identification including passport, driver's license and/or birth certificate, Medicare or healthcare card, copies of accounts in your name e.g. electricity, internet or phone bill
2. Evidence of income: to show your financial ability to pay for the property include two recent payslips and/or an employment contract or a letter from your employer indicating your employment arrangements and income. If you're self-employed or a contractor include your last notice of assessment from the ATO.
3. Rental history & references: provide a summary of previous rentals and contact details (name, address + phone number) of the agents/landlords of your previous rentals and include a record of your rent payments. It's an advantage if you're able to include a written refence from the agent or landlord which will assure the new agent/landlord you're responsible and trustworthy.
4. Personal or work references: you may be asked for a couple of character references, these could include your employer, co-worker, flatmates, family members or close-friends. Before popping their details down on your application, make sure you've given them the heads-up.
5. Pet reference: if you're moving with a dog or cat, it is a good idea to also include a character reference for your furry-friend from your past landlord highlighting the condition of the property you're leaving or even one from your neighbours describing the manor and/or disturbance level they've experienced from your pet.
6. Covering letter: with a cut-throat rental market you have to do everything you can to stand out, so it is a good idea to include a cover letter describing why you're moving, who's moving, why you like this particular property and any other relevant information that may help sway an agent/landlord in your favour. I also suggest to include a family snap, it creates a visual for the landlord who ultimately makes the decision on who to sign.
7. Organise the bond: make sure you have the funds available to pay the bond (and first couple of week's rent) as soon as you get your application approved. Agent's won't wait around for it, they'll just move on to the next applicant.
Attending inspections & applying for a property
Once you have found a property, its time to organise the inspection. Most listings are advertised with set inspection times - these are more often than not during work hours on weekdays, so you'll have to be flexible. Make sure that you register for each inspection you go to as most agents will only send you an application form once you've registered online.
When attending the inspection make sure to leave a good impression on the agent; introduce yourself and have a couple of questions ready. Look presentable, be enthusiastic and friendly - it's all about standing out from the crowd.
As the rental market is very competitive, make sure you have your application form filled out and ready to go prior to the inspection so that you can submit it straight after. Timing is everything!
Follow up after an inspection, highlight that you've submitted an application and ask the agent what the process is from there. It shows that you're interested and guarantees that you're top-of-mind.
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Should you offer more than the listed price?
In the past, offering to pay more than the listed rental price or providing several months' rent upfront were strategies some tenants used to stand out. However, as of June 6, 2024, Queensland's rental laws have changed. Property managers and owners are now prohibited from accepting rent offers higher than the advertised price, a practice known as rent bidding. Additionally, they cannot accept more than one month's rent in advance for fixed-term tenancy agreements.
While these options are no longer available, demonstrating financial stability can still positively influence landlords and real estate agents. Providing evidence of steady income, savings, or pre-approval letters can help assure them of your reliability as a tenant.
Lastly, timing can be a deciding factor. Agents and landlords prefer applications that align with the property’s vacancy date—after all, the sooner they rent it out, the better. If that means you need to start paying rent before you’re ready to move in, you may have to accept paying ‘dead rent’ as the cost of securing the lease.
Need help finding a rental property on the Gold Coast?
We can help with that! Rental agents generally require you to inspect a property before accepting or considering your application. I can do the inspection on your behalf to ensure you get in quick, save valuable time and be in the best position to secure the lease. Find out more +
