Abercromby’s is experiencing an exciting start to July, having leased good numbers of apartments and houses already this month. Hawthorn is a particularly vibrant rental suburb right now, experiencing the highest demand for properties.
Three- and-four-bedroom homes are presently the most sought after properties, particularly in the $700 - $1000pw price range. With the economy in partial shutdown tenants are being abnormally selective when choosing a rental property and are understandably looking for value first and foremost.
Given the large number of modern two-bedroom apartments built in recent years, all replete with modern conveniences, older style apartments need to be priced correctly – especially in the current climate.
The executive market remains competitive – albeit the days of achieving a premium rental are in abeyance until the world gets back to normal. Once the jets are in the air again and the corporates begin travelling into Australia prices will rise. Another six weeks before that is possible.