Attracting renters as Brisbane vacancy rate rises
Brisbane has the second largest residential vacancy of any capital city in Australia. In March, data from SQM research shows the vacancy rate is over 10, 000 properties for rent in the city, making up 3.2 percent of the market.
Only the city of Darwin has a higher rental vacancy at 3.6 percent of the market.
Other cities such as Melbourne sit on a vacancy rate as low as 0.6 per cent. The rental prices in Melbourne and Hobart are continuing to rise in response to the high demand for rental properties in close proximity to the cities.
In Sydney, the vacancy rate has risen in the past year and rent has fallen as a result.
Across Australia, the asking rent for a house is considered to be approximately $563 per week.
By comparison, Brisbane's rental price for a three-bedroom home is $447 while for units it remains at $336. This price hasn't fluctuated in over a month.
So, in a market where investment properties are struggling to be filled, how can you ensure you are competitive in the market?
NoiseNet knows how much renters value transparency. The smoother it is to gain information about a property, the more likely it is that someone will want to live in it.
For people moving to Brisbane from overseas, they may be only relying on online communication, or for someone to report back to them on potential properties.
Here are some ways you can make your investment more attractive for renters. This will ensure you can compete in the saturated Brisbane rental market.
1. Highlight location
What is the point of living here? We are hoping you can tell your renters this at the drop of a hat, or at the very least make sure your agent is. Are you close to transport, school or shops? How much is a taxi or uber to the city? Emphasise the best features of the property to attract the right kinds of people.
2. Get a noise rating and detailed report on the property
NoiseNet knows that sounds don't just keep people up at night but also impact their health and overall well being. Having a noise report on your property gives the house or apartment an extra layer of credential, giving renters peace of mind that it is a home they can rely on.
3. Appliances may be key
It turns out renters care a lot about kitchen appliances and don't like the idea of renting a property which may require lots of maintenance. The appliances in the kitchen don't have to be new but ensure they are all in good working order to impress your future tenants.
4. Make the bathroom sparkle
Bathroom cleanliness is another major deciding factor when people are inspecting a potential property. Nobody wants to move into a place with mold, so make sure bathrooms are sparkling clean and dried too when people come to a viewing. If you have money for any renovations, bathrooms are often picked as the most defining room of a rental property and might just make up peoples minds for them. While a bathroom renovation is ideal, you don't need to fork out thousands to make a bathroom more presentable. Think about other understated features such a purchasing a new shower curtain and making sure towels and interior features match.
5. Furniture is important
Empty rentals don't fly off the racks as quickly as those which are pictured with furnishings. It can be expensive to get the agent to fit out the property, but if you are finding the fish aren't biting, it may be a solution to getting a tenant.
If you have the property currently furnished with your own belongings, perhaps strip it back to the bare minimum. Clutter can make rooms seem small and unattractive. Alternatively, add mirrors to catch natural light and make rooms appear larger.