With the mercury starting to drop, the cooler months of the year can be an excellent time for tenants to shift to a property in a location more suitable for their lifestyle or employment needs.
While finding a suitable property in a waterfront suburb in most of our capital cities or popular coastal locations can be difficult during the warmer times of the year, there could be more opportunities to secure a beach pad for rent between April and August.
Likewise, the end of summer can be a busy time for the rental markets close to universities, with students jostling for suitable accommodation. However, with overseas students not expected to return until the start of the 2022 academic year, tenants will have more opportunities to secure a property in the traditional university rental markets.
International students could return in 2021
The window of opportunity for local tenants could be shorter. The Minister for Education and Youth Alan Tudge said in a speech at the end of March[i] that there could be opportunities for universities to bring overseas students back in small, phased pilots.
This development could occur if a university works with the relevant state or territory government and presents a suitable plan for quarantining international students.
Apart from these demand factors, like the sales market, the rental market generally hibernates in the chilly months as most people prefer to focus on the footy rather than moving to a new house. Consequently, the colder months play into the hands of those tenants’ intent on moving.
In the meantime, you may want to keep a close eye on the ‘vacancy rate’ in a location that interests you. The vacancy rate is calculated by dividing the estimated number of vacant rental properties in an area by the total estimated rental stock. It is expressed as a percentage, and the higher the vacancy rate, the better it is for tenants. While the exact number differs depending on the state and territory, vacancy rates in the cooler months generally favour tenants.
To find a suitable rental property, contact your local Raine & Hone Property Manager.