The Gen Z Guide To Renting & Lease Agreements

Us Gen Z kids are all grown up. For many of us, our first big step towards independence is likely coming ever closer - the decision to move away from our family home.

This transition from living with the parents to living independently will naturally come with a fair amount of excitement. The real world is a shiny new door away (literally).

You might be itching to start your new life, beyond the clutches of your parents' house rules. Or maybe you've done this before, but need a bit of extra guidance.

Whatever your reason, this article will be your ultimate guide to the sometimes daunting 'adult world' of renting and leases and all that paperwork stuff.

Once you understand how it all works, you'll be more informed and feel confident that you're putting the right foot forward on this sometimes winding, ambiguous home hunting trek.

So without further ado, here's everything that Gen Z-ers need to know about renting and lease agreements.

Before you even submit your rental application, it's integral that you prepare for all the logistics of being a responsible tenant.

That means running through possible scenarios and considering how you'll handle troublesome or difficult situations, should you encounter them.

Ensuring that you're covered by renters insurance is helpful, as it could ease the financial stress and burden that accompanies unprecedented events.

Renters' insurance covers you for temporary accommodation in the event of extreme property damage, replacement costs for your precious belongings (in the event that you fall victim to a burglary), impact damage, etc. It's also pretty flexible, allowing you to customise your insurance by choosing 'add ons' that feel more applicable to you, like accidental damage cover for belongings or portable items like laptops.

The best thing about renters' insurance is it lets you pay your way, whether that's monthly or annually. You really can't go wrong with a bit of extra support, especially when it's available in accordance with your own finances.

Applying for your first lease agreement is a pretty momentous milestone. But this process isn't without its fair share of paperwork. On top of reading through your lengthy rental contract, your property manager will likely also ask you for a big selection of personal documentation.

You can expect prospective property managers to ask you for payslips, a recent bill and photo identification, such as a driver's license, passport or proof of age card. Some agencies may even ask for a bank statement to make sure that you have adequate savings to make rental repayments in the event that you lose your job. When preparing to apply for potential properties, ensure that you have all of these necessary documents in one place. Properties are competitive, and if you want to stand out from the crowd, these documents will support your application.

And lastly, a reference from an employer equipped to your arsenal. It's a good idea to get on top of this early so you aren't hustling at the last minute, scrambling to ensure you have everything you need to lodge that application, which we'll get to soon.

Yes, we have the entire world at our fingertips through our phone and computer screens. But simply scrolling through real estate and property sites, reading a few headlines beneath property images is not going to cut it.

If you want to avoid future regrets or property issues, you need to arrange property inspections when applying for a rental property through real estate agents or residential rental providers. Inspecting properties, walking through them and asking questions will give you better insight into not only the property itself, but potentially who your future landlords could be and how they manage the upkeep of their property.

And don't forget to make the most of inspections while you're in them! This means familiarising yourself with what to look for as you weigh up whether or not a property is right for you. Some tell-tale signs of poor maintenance for rental properties includes:

If any properties look a little worse for wear currently, then it's safe to assume that you're not going to receive much support from your landlord or your property manager. With that, it's best to look elsewhere. It's also well worth reading up on the minimum standards for rental properties in NSW. Know your rights!

If you think you've found the place of your dreams, the next step is turning that dream into an actionable goal. To apply for a property, you need to fill out an application form that will ask you to supply all sorts of documents.

We've listed out these requirements for you. Always ask questions if you are unsure or need clarification, and always be open and honest with your agent/rental provider.

Depending on your situation, or if your situation has changed since you applied to rent a property, you may need to determine which financial avenue is best for you. Many residential providers will ask you for a bond prior to your move in. A bond is a security deposit withheld by the Residential Tenancies Bond Authority and returned to you at the end of your lease, unless damages have been caused to the property. If the bond isn't in your budget, you can apply for a RentAssist bond Loan.

Please keep in mind that these loans are exclusively for bonds. Alternatively, there are some community organisations that provide bond loans through a program called the Housing Establishment Fund, which also assists with financial aid for housing-related causes.

On the other hand, if you don't think you can afford your rent, there are a few financial aid options out there for renters. If down the line in your renting journey, you need a loan to help pay your gas, water and electricity bills, you can apply for a concession. If you are experiencing severe circumstances, Centrelink's Crisis Payment is a one-off payment equal to your existing income-support rate.

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Leases are a necessary component of renting. Hopefully after reading this article, you feel equipped with the skills needed to tackle this behemoth. It can be an exhausting journey, but one that's well worth the time investment, if it means you'll get to create a new space for yourself; a space filled with joy and plenty of good times.