May 7th, 2020
Landlords are beginning to smile. After a month of uncertainty with rental properties, smiles are starting to return to the faces of investors as legislation regarding tenancy during COVID 19 becomes clearer. And it’s not just the existing rental landlords that are feeling relieved. Gardian leased 31 properties for the month of April with a total of 585 enquiries resulting in an agency vacancy rate of just below 2%.
The biggest impact on our agency in the past month was that we had to change our approval process for applications, that is, preapproving applicants prior to them inspecting the properties. This had a positive effect as it meant that potential applicants had to have all of their information and application details forwarded to Gardian prior to inspecting the property. This enabled Gardian to establish that they met our Agency criteria in full and were genuinely interested in the property that they applied for. Congratulations to the 31 successful applicants.
What does this mean for sellers? Not everyone moving to Mackay is going to rent, some will buy. There is a direct correlation between the rental market and the house sales market. The longer the vacancy rate remains at about 2% the more chance of rental prices increasing and an even more and more chance of potential tenants transforming into property buyers. Which will result in even more smiles on faces. Something which we all haven’t been able to do for a while.