AS many renters view the start of a new year as the ideal time to find a home, Brisbane landlords open their rental properties to those looking to move.
Ray White, New Farm, principal Haesley Cush said January was a busier month for rental properties than any other time throughout the calendar year.
“A lot of people tend to wait until now to move,” he said.
“For some it’s the start of a new job, university or life in a new city. A new home is a new year resolution. It marks the start of change, a fresh start.”
With the high demand from tenants comes an influx of new rental listings and available properties for rent.
“With all this enquiry, Brisbane has the available stock,” Mr Cush saidhe said.
“Landlords know there’s an abundance of tenants looking for new homes, so they take advantage of this by leasing their properties from January.”
However, due to strong competition, some may struggle to secure tenants, and will resort to adjusting their rental prices to provide incentive.
“The fight for the available tenant is very aggressive,” he said.
“Developers are offering incredible incentives to tenants, leaving mum and dad investors with little option but to lower their rental price to compete.
Despite this potential setback for some landlords, Mr Cush remains confident that January is a positive time for rental properties for both parties.
Realestate.com.au chief economist Nerida Conisbee said the site had recorded more than 1.2 million searches for rentals in Brisbane in the first two weeks of 2018.
Mr Cush said his agency alone had received more than 146 applications in this time.
“To put that into perspective, we received a total of 104 application for the October – December quarter,” he said.
Mr Cush said the majority of applications received by this agency were for New Farm.
“We find that at this time of the year, rental properties in suburbs that cater to tenants’ needs perform best.
“With demand high in the area, we’re ensuring there is no shortage of rentals on the market.
“There were over 2,000 available properties in our immediate area advertised on realestate.com.au this month,” he said.
Renters Keeden Gafa-Mangos and Jordan Lee Maass have recently secured an apartment in Teneriffe, after moving from a house in Greenslopes.
Mr Gafa-Mangos said the couple started shortlisting properties to inspect during January at the end of 2017.
“There was no shortage of apartments available to rent,” he said.
“For us, it was pretty easy to find something with so many available options.”
Mr Gafa-Mangos said the couple was happy with their new rental property.
“We looked at a few others, but this was bigger and cheaper than previous ones we’d looked at.
“A lot of the other places didn’t come with the amenities this apartment offered.
“This was far better value for money.”
Mr Gafa-Mangos said the new location was well suited to their lifestyle.
“We wanted something in a location with a bit more going on.
“We like that it’s close to good restaurants and bars, as well as work.”
With the increasing demand from renters to find affordable properties with desirable addresses and amenities, landlords with rentals outside of these areas will have to work harder to secure tenants.
Marketing specialist Jennifer Grangier said there were a number of things landlords could do to better their chances at finding tenants quickly.
“Invest in high quality, professional photos and prominent advertising,” she said.
“If a property comes up as a top search and looks well presented, it is far more likely to rent.
Ms Grangier said during the first two weeks landlords should research other similar homes in the area for rent.
“List the property competitivity from the start, but do your homework.
“Even a $10 per week increase over the market price could see [the property] on the market for weeks longer, which could end up costing the landlord hundreds or even thousands in lost rent.
According to the latest data from CoreLogic, Ascot fetched the highest median weekly rental price for an inner-city home within 10kms of the city at $800, followed by New Farm for $750.
More affordable homes within the radius included suburbs such as Rocklea which had a weekly median house rental price of $360 and Chermside, which had a median price of $400.
For inner-city units, Hendra tops the list at $560, followed closely by Brisbane CBD at $550, while Rocklea ($325) and Wooloowin ($335) were some of the more affordable inner-city suburb unit rental prices.
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