What’s causing the slower up-take of rentals?
We were interested to read a report released by the Real Estate Institute of WA (REIWA) last month that suggested it is taking longer for Perth rental properties to be leased.
This leasing drag is being blamed on several factors, including a large number of former tenants leaving the market to become first-home buyers and the jobs downturn in the resources sector.
This slow take-up combined with the extra stock on the market (the March quarter has risen by 56 per cent to 4966 available rental properties, up from 3000 at the same time last year) means that it is more important than ever to stand out from the crowd.
Rentwest Property Manager Esther Nilson confirms REIWAs findings. At the moment we are experiencing longer than usual timeframes for leasing properties, she says. It is very important to ensure properties are correctly priced in the current market and also that a property presents well to prospective tenants, to make it more competitive.
If the property is vacant Nilson suggests attending to any outstanding maintenance tasks. Sprucing the place up to make it more aesthetically pleasing will give your property the edge over other available properties in the area.