WHILE the property market may be soft at the moment, the rental market is the opposite with vacancy rates extremely low and even at critical levels in some capital cities around the country making it extremely difficult for renters.
IN Sydney, the latest results from SQM show that the vacancy rate for properties within a 10km radius of the city has plunged below 1 per cent, while overall the city recorded 1.3.
The capital city to record the lowest vacancy rate was Canberra at 0.6%, a total of 272 vacancies. Melbourne was the capital city to record the highest vacancy rate, at 2.4%, a total of 8,707 vacancies.
The only capital city to record a month-on-month growth in vacancies was Hobart, increasing from 1.7% to 1.9% – a total of 443 vacancies.
Darwin was the capital city that experienced the largest month-on-month decline, with vacancies falling by 0.4% to 1.4% – a total of 317 vacancies.
Both Melbourne and Darwin recorded the largest year-on-year growth in vacancies, increasing by 0.9% to 2.4% (8,707 vacancies) and 1.4% (317 vacancies) respectively.
SQM Managing Director Louis Christopher said: “A national vacancy rate of 1.7% still signifies a considerably tight market, and with no capital cities recording vacancies above 2.4% it is safe to say that the ‘rental crisis’ is yet to be alleviated.”
TEN TIPS FOR RENTERS
So what can a renter do beat the crowds, impress the landlord and snare that rental property.
1. Be on time to meet the agent.
2. Go and view the property mid-week if you can, rather than with the masses on a Saturday.
3. Get an application form from the agent before you inspect the property.
4. When you inspect the property, take references from the agent that you are with at the moment and your employer with you.
5. Be prepared to fill out the application on the spot.
6. Look presentable.
7. Ask what will be an advantage to you. Ask the agent what will help you.
8. Be prepared to pay the rent and the bond within 24hours of inspecting the property.
9. Try to match the time you finish renting at your old house to the time you want to start at the new place so you can avoid paying double rent.
10. Do an inspection with the landlord. Take a camera with you this inspection and keep a copy of these photos and the completed Inventory and Condition Report to check against on your departure.