The past week has seen the media report that Melbourne is in the grips of ‘a rental crisis.’ Whilst such claims have been exaggerated for cheap headlines, the competitiveness of the local rental market is not a new occurrence. In 2016, we saw total employment in Docklands increase by 299%. With over 2,200 people moving to Melbourne every single week of the year, there are simply not enough homes to cater to the number of residents wanting to live in or close to the city.
Although the Real Estate Institute of Victoria reports the current vacancy rate for the Melbourne metro area is 2.4%, the inner city property market is even more in demand. Our vacancy rate at Lucas has remained consistently under 1% for the past two years.
“Local rental demand has never been higher,” reports Lucas Property Management Director, Dylan Emmett. “The rental market is always subject to supply and demand, but the current supply is just not enough to meet the requirements of all the potential tenants we meet each week.”
With most rental properties receiving multiple applications from would-be tenants, we have some helpful tips to help you, your family and/or friends lease their next home easily and efficiently:
- Be prompt
If you find a property you like, don’t delay your application. Apply online today through lucasre.com.au
- Be prepared
To lease a property you will need to provide appropriate documentation including proof of ID and a copy of pay slips. Remember all parties interested in leasing will need to provide the required information. Have a copy of all documents ready to go.
- Be presentable, punctual and polite
Make a great first impression. Be on time for inspections and be respectful of the property, property manager and existing residents. You want to stand out for the right reasons!
- Be positive
Follow up any applications. Let the property manager know you’re very interested in the property and are happy to provide any additional information or references they need.
- Be pre-emptive
If you miss out on a property, ask the property manager if they have another home available in the complex or if they have anything similar for rent. You may be able to beat the competition!
Landlords looking to take advantage of the current market activity are encouraged to consider suitable applications and act promptly to avoid missing out on an opportunity to secure a great tenant for their home. To receive a personalised rental report and find out the rental demand for your home, contact Dylan on 0402 465 779 or firstname.lastname@example.org
Our team at Lucas is proud to offer Melbourne’s most awarded property management service - for any assistance in renting or leasing contact us on 9091 1400.