As we embrace those new year feels, we are pleased to report that the local rental market is as strong as we can remember seeing it. I was talking with Kim Williams, our Senior Property Manager with 40 years of experience in the local real estate rental market, and she tells me that she cannot remember the market ever being as hot as it is right now!
The high demand for rental properties, a trend widely reported in the media, is indicative of a broader national shortage. However, it is not that unusual in our area at this time of year. Summer is definitely the ‘leasing’ season in our office.
Whilst the surge in interest has led to a competitive environment for prospective renters (the ideal scenario), we are still navigating that good old chestnut, affordability.
Now more than ever, it is important to vet applications from potential renters thoroughly to minimise the risk of dealing with overdue rental payments down the track, regardless of how good someone’s intentions are when they first move in.
Based on how the rental market traditionally behaves at this time of year, we anticipate the interest to ease come March/April. Lets take a look at some rental market statistics:
We track these sorts of statistics and the micro-climate of our suburbs on the Northern Beaches and Lower North Shore. If you were interested in the current market and trends for properties similar to your investment property, then don’t hesitate to reach out! We would be happy to share our insights with you.
