The rental market is in overdrive at the moment. The demand is much higher than supply and therefore has become very competitive. Some quality tenants are finding it near impossible to secure a property.
The Gold Coast vacancy rates are below 1%, with the average property only vacant for a couple of days between tenancies.
Many investment properties are sold to owner occupiers and combined with the influx of interstate renters and existing tenants not moving on, we have ended up with a limited number of rental properties available.
This has made it really difficult for young people moving out of home as well as growing families needing more space. And with the high demand and tough competition, the only way some tenants can stand out is by offering more than the asking price.
This has created amazing opportunities in the market for all landlords to achieve higher than usual rent, with shorter vacancies whilst being able to select the cream of the crop as far as tenants goes.
I recently requested a tenant reference from a private landlord, who always managed his properties himself, in our chat he said he was having some issues with tenants not doing the right thing even though they had good references when he selected them.
He was so impressed by the questions I asked him about his former tenant, and just the fact that I actually called him to personally confirm, that he realised having a dedicated property manager who asks the right questions and gets the best possible tenants would save him time and give him peace of mind.
As we now receive so many really good applications for each and every property, we can afford to be really picky and still achieve a high rent for our landlords.
I recently had a 2-bedroom townhouse for rent in Varsity Lakes, listed on the Tuesday with the open house set for the Saturday. By Wednesday I had 119 enquiries and 45 confirmed bookings for the open house. I had to mark the ad as “under application” as we had already received 35 applications, prior to inspection. At inspection a few visitors offered more than the asking price and by that Saturday afternoon I had selected 3 of the best applications, which were processed on the Monday morning and the property was leased by Monday afternoon.
This is not a “one off’ either, the demand is just so high across all price ranges at the moment, It happens with every property we list. And with our selection criteria at a very high standard, and a very stringent vetting process we are able to select the best tenants for our landlords. We take the reference process a step further by actually speaking to the previous property managers or landlords to get more information and build a better profile of the tenant.
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