As we move into the cooler months, it’s a great time to discuss the real-time state of the local rental market here in the Northern Beaches and Lower North Shore areas. Recently, the media has been abuzz with talk of a rental crisis, while this was true three months ago when the rental market was hectic, the dynamics have since shifted. While the reports focus and reflect on past data which is important, we are here to provide you with the latest insights of what we are observing on the ground.
Current Market Trends
Winter is traditionally a quieter period compared to the summer frenzy. Although we’re not seeing that frenzy now, demand from tenants remains stable. Tenants typically cycle through the market within a three-week span, much faster than in the sales market where buyers might search for a property for months. This rapid pace underlines the importance of quickly adapting your marketing and pricing strategies if you are not seeing the desired results.
Most Sought-After Properties
Currently, the most sought-after properties are two-bedroom apartments with one bathroom and one car space, and four-bedroom houses with two bathrooms and two car spaces. Notably, parking has become a top priority for tenants.
Rise in Fully Furnished, Short-Term Rentals
An unprecedented trend this year is the rise in fully furnished, short-term rentals. There was a week this month where 30% of available rental properties on the market were fully furnished, offering 6 months or shorter lease terms—a significant increase from the usual 10% of properties being furnished.
Effective Marketing and Pricing Strategies
This leads me to a crucial point—effective marketing and pricing strategies. Tailoring your approach to attract the right tenant, whether you’re aiming for a longer lease term or deciding on furnishing options, the approach and advice from your agent significantly impact how quickly you secure a tenant and at what price.
If you’re looking to lease your property and maximise your return, we’re here to help craft a strategic approach and provide expert pricing advice.
If you are a landlord with a rental property – please reach out – we would love to help.
Stay warm out there!
