2018 Half Year Rental Market Overview

The first half of 2018 has welcomed a steady rental market with a consistently low vacancy rate in comparison to recent years. We saw some unseasonal tightening of the market through May and June which has carried over to the second half of 2018 and we anticipate an ongoing trend here.

A snapshot of the Rockhampton Region Rental Market
According to figures just released by the Residential Tenancies Authority, there were 1964 new bonds lodged in 2018 across the Rockhampton Region; and we are proud to report that Pat O’Driscoll Real Estate has consistently been the #1 rental listing agent in our region through the first half of 2018.
To achieve this result, we answered 4413 new enquiries, showed 2012 prospective tenant groups through our upcoming rentals, and processed 475 tenancy applications.

What about tenant selection and approval?
All this enquiry resulted in 236 new applicants meeting our standard and being approved for tenancies. That’s an average of 1.3 new tenancies entered into every single day for the first part of this year. And if you’re doing the math, you’ll notice that we don’t approve every application that comes across our Leasing desk if it doesn’t meet our expectations. We’ve been doing this for years; time after time our landlords agree with us that holding off for a smooth tenancy is far more important than an unsuitable applicant with a shorter vacancy period when it comes to approving the best tenant for their investment.

Done deal!
So what do all these facts and figures mean? There are 232 Landlords, 50 of these being first time Landlords, with their investment property being tenanted in the first half of this year. Our priority is ensuring our tenant selection process can match prospective tenants to the most suitable property for them, taking into consideration their wants and needs, and ensuring the property they are applying for is within a realistic price range to suit their income. While this is being achieved, it means that our landlords can rest easier knowing that their property and is currently being safely managed by our experienced team.

#trendingnow Out with the DIY in Property Management
An interesting trend I noticed throughout the first half of 2018 was a number of our new landlords were previously self-managed landlords. This can be for a number of reasons, but we found that all of these converted landlords were ready to entrust our agency with the management of their investment.

Let our professional experience guide you
My area of expertise is to ensure your transition into Property Management is a smooth one. Contact me and let’s discuss the simple process of stepping into the rental market with your property – if you’re moving out of your home, this is the perfect opportunity to start your investment portfolio. Or if you’ve found yourself in a situation where the sales market just isn’t responding or meeting your required expectations, or maybe you’ve just purchased your first, second, or maybe your tenth investment property. I’d love to hear from you to chat about how we can understand what’s most important to you and your investment property, and see what these statistics can mean for you to lead you through the second half of 2018.

For more on these Rental Market statistics, please contact me on 0476 815 970.

Rebecca Trott
0476 815 970
Business Development Manager