Tenant enquiries that have surged by 50% in South Perth is a bellwether for the health of the city’s property markets, says Paul Curran, Principal Raine & Horne Rockingham.
“We’ve seen a huge surge in people seeking rental properties in Rockingham and surrounding suburbs, and as a consequence, many tenants are missing out,” Mr Curran said.
“Our property management team just leased a four-bedroom house in Ritchie Drive Rockingham just four business days after the investor signed a management agreement with us
“Moreover, at the first home open, we achieved an offer from a tenant that was $20 per week more than the asking rent.”
An improved economic outlook for Perth and Western Australia, and more business and consumer confidence is underpinning the grab for rental homes in southwestern Perth, noted Mr Curran.
“People have more disposable income and are looking to upgrade to bigger rental homes, and we’re also some evidence of more interstate workers shifting here. This trend is adding to rental market demand,” he said.
“That said, the extra demand is seeing vacant properties priced at the lower end of the Rockingham rental market now being snapped up.
The rental market ripple effect
“Demand for rental properties will see investment yields improve, which has already been noted by savvier investors.”
More investor interest will encourage those first-time buyers who have been sitting on the fence to take the plunge into entry-level properties before the market takes off, noted Mr Curran.
“More investor and first-time buyer demand will encourage upgraders to make a move, and the ripple effect of improved rental market conditions will be central to this sales market activity.”
Tips for securing a rental property
There’s no escaping the fact tenants must wear out some shoe leather and inspect as many rental homes as possible in a competitive market such as Rockingham, said Mr Curran.
“Treat a meeting with a property manager like a job interview – smart casual attire including polished shoes rather than shorts and thongs won’t hurt your rental chances either.
“A combination of persistence, punctuality, and presentation will be critical in helping rental market contenders into a home.
Paul Curran’s tips for finding a rental property this spring
To find out more about the real estate sales and rental markets in south-west Perth this spring, contact l Raine & Horne Rockingham on 08 9550 9900.