Australians are on the move more than ever
Landlords may find the results of realestate.com.au’s annual survey of renters of interest.
The survey suggests that renters are increasingly looking to upgrade to a nicer property in a better suburb. Furthermore, they are signing shorter-term leases to help keep their rental options open.
The survey shows that despite a tight rental market and the arduous task of moving to a new rental property, more renters are actively monitoring the rental market with 64 per cent saying they plan to rent a property to live in within the next twelve months.
REA says “Compared to the cost of buying property, renting sometimes allows people to live in a nicer home in a better suburb, and they can move again if a better home becomes available. It’s this flexibility and freedom of being able to ‘trade up’ in rental properties that appeals to this aspirational group of people.”
The survey of renters and sharers also found that once a rental property is located, Australians are keeping their options open with 64 per cent taking a lease for less than 12 months and approximately three out of four respondents leasing a property for two years or less.
Renters say that being able to easily upgrade to a better rental property in a better area is the main advantage of renting.
Established and newly built houses, terraces and town houses in the $200 per week to $499 per week range are the most popular properties among Australian renters. Those looking to share prefer an established apartment or unit.
A change in location, different property features or a larger home were cited by renters as the main reasons to move.
With so many renters on the move, it is very important to have a property investment manager with an expert knowledge of the rental market and who can effectively market your property to find the best calibre tenants. The professional property manager does much more than just put the lease in place. They manage every aspect of your investment and aim for your highest possible rental return for your property.
*REA Group Consumer Insights Survey, Rent/Share.