RENTAL MARKET UPDATE
At Abercromby’s we had a hyperactive May in rentals. The apartment and house rental markets up to $1000pw are the healthiest they have been for years, with tenants showing a strong preference for the larger, older apartments. The feedback we’re getting is that many of the new ones are just too small. A message there for builders and developers!
Demand was such that we leased a variety of apartments in May before they could be put up on our website. (Sorry about that.) And demand will only increase as businesses move executives from job-to-job, and thus city-to-city at the end/start of the financial year.
Rental properties close to schools and public transport, particularly within a ten-kilometre radius of the CBD, are the most eagerly sought. And we’ve recently observed a change in the rental demographic, with first-time tenants being generally older now than they have been in the past. The reasons are twofold: It’s taking people longer to save a deposit to buy a property; and some of the silver-haired set are choosing to divest their property and rent instead.
Contact Myles Crowhurst on 9864 5353 or 0433 916 155. He has renters ready to sign up.