This year has some interesting trends in the property rental market that property owners and Property Managers should be prepared for. From tightening vacancy rates to the ever-changing status of restrictions and border closures, it’s wise to readily adapt to changes to keep the value of your rental property secure.
Interstate Migration
Recent CoreLogic data has revealed that over the past financial year, 25,350 interstate migrants relocated to Queensland. This means a lot of potential tenants want to be able to get a proper look and feel of their future home without having to travel. If you haven’t made use of virtual tours and video inspections, now is the time. Additionally, you’ll want to market the lifestyle perks of certain suburbs as well to attract tenants who are new to the place. Highlight the proximity of schools, parks, shopping centres and other amenities in your listings.
Rental Boom
The Real Estate Institute of Queensland’s latest vacancy rate report has revealed that 90 per cent of regional vacancies have further tightened. This has resulted in an increase of enquiries and multiple applications on listings. Have a secure and thorough pre-approval system in place. This ensures qualified tenants are identified during the application process to decrease time spent and stress.
Low Stock
Whether the rental market is tight or not, it’s always good to consider new business if you are a Property Manager. Make sure consistent marketing is part of your regular strategy to attract new clients.
Border Closures and Restrictions
Safety and security should always be on top of mind these days. While COVID-related restrictions have eased over time, a contingency plan should be kept in case of further lockdowns in the future. Online forms and contracts, digital marketing and remote working options should form part of your contingency plan.
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