CITY OF MELBOURNE RENTAL MARKET REVIEW

11-Jan-2017

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Author: rental market report

Responsible for the management of over 1200 local homes, Lucas is proud to report that inner-city property and suburbs remain some of Melbourne's most in-demand.

The 2016 City of Melbourne rental market was typified by increasing tenant demand and solid returns. Strong population growth and the rising popularity of low-maintenance, lifestyle living ensures this will continue into 2017.

According to Dylan Emmett, Director of Property Management at Lucas and Australian Property Manager of the Year, "Our property management team has experienced an increasing level of tenant enquiry and in many instances, our landlords are enjoying a choice of potential tenants from multiple applications.”

The strength of the local rental market is also indicated in the latest report from the Real Estate Institute of Victoria, detailing the metro Melbourne vacancy rate at 2.4% compared to the current Lucas rate of 0.4%. “At Lucas, our team is actively sourcing prospective tenants for our landlords before a property becomes vacant - this helps ensure our homes are leased at or above the market rate in a timely manner,” says Emmett.

“We expect the strength of the rental market to continue throughout the year. We encourage our landlords to capitalise on the availability of high-calibre tenants through ensuring their investment properties remain in excellent condition. Our property managers can suggest a few easy ways to freshen up your home if required.”

“We have a large number of potential tenants registered and looking for a new home in 2017 so we encourage anyone considering leasing their home to touch base. You may just be pleasantly surprised by the rental value you can achieve!”

For a current rental market appraisal of your home or a report detailing the recent rental results in your building or suburb, please contact our friendly team on 03 9091 1400.