If you're considering a move to a new rental property, it seems that spring 2023 presents a favourable opportunity to explore fresh options, as more properties become available for rent in both our capital cities and regional areas.
According to the latest statistics provided by CoreLogic, in August, national rents increased by 9.0% on an annual basis. While this marks the slowest annual rental growth rate since April 2022, landlords can rest easy that it remains significantly higher than the decade-long average of 3.2%[i].
That said most regions across the country are beginning to offer tenants opportunities to seek new digs, which also might be an opportunity to reduce living expenses.
But before making a move, research thoroughly the suburb or town you’re interested in, to determine what you could expect to pay for your next rental house or apartment. Start by looking at similar rental listings on the Raine & Horne website to figure out the average rental cost in your desired neighbourhood.
You can also talk to your local Raine & Horne Property Manager about rental prices in neighbourhoods of interest. Attending some open for inspections where you can talk to locals living in the apartment block or street about the features of the location such as nearby restaurants, cafes, shopping centres, schools and other amenities is another research idea worth considering.
For those with the flexibility of working remotely, the upcoming spring season presents an enticing proposition. If you find yourself residing in a location that you have limited ties to and an opportunity arises to relocate a few suburbs or towns away to mitigate living expenses and combat inflationary pressures, it may be a compelling option to explore.
Also, by making your move in spring, you can aim to settle into your new abode just in time for the summer holiday season, ensuring a smooth transition.