The Millennial generation are not buying that much property. In America, for instance, only 34.1 percent of people under 35 actually own their own home. It is often said that the onus of any generation is to leave the world a better, fairer place than they found it. The variables that contributed to many young people not being able to afford to buy their own homes are complex. In any case, the current economic climate is obviously not conducive for many young people to be able to raise enough capital to invest it in somewhere to live. This has led to many people being forced to rent. This brings with it its own problems, however. The money that a young professional pays their landlord every month is not going towards saving for a deposit on a house. This perpetuates the cycle of renting and makes it all the more difficult to see another possibility. In Australia too, it is thought that soon fewer than 50 percent of people will own their own home. If you are one of those people who are currently renting, here are a few things you should know:
As much as you may not want to hear it, being a landlord can be difficult too. The amount that you can charge is at the will of the unseen hand of market forces. Whether that allows them to make a reasonable enough profit after the various and necessary expenses is another matter. There is then the issue of how agreeable one’s tenant can be. If you are thinking about moving from one rented property to another, it is important to leave your former residence in the best possible condition. A sure fire way of doing this is by hiring bond cleaners. This is important because if you don’t, you may not receive your security deposit, or bond, back. This is usually a whole month’s rent so it is not something to be taken lightly.
While on the subject of bonds, you should never worry about not getting it back so long as you meet the stipulations of your contract. If your landlord charges you the wrong amount (it should be no more than the equivalent of four weeks rent) or does not lodge the bond with a trusted financial organisation, they can face fines of $1000 and $4000 respectively. These regulations are set up to protect you. If you do not feel comfortable or you think that there may be something wrong, seek legal advice.
Another reason that you should want to be as good a tenant as possible is for the same reason that you hesitate to insult your boss even though you know you’re going to quit your job: you still need them to give you a good reference. If your next prospective landlord finds out that you are noisy, difficult, or slow at paying rent, they are unlikely to invite you to rent their properties. In what is a competitive market for the best rental properties, you don’t need anything to hold you back.
Mia Guerra
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