This Ryde rental market report is full of good news – there is plenty of demand for rental property and plenty of property available!
For the Ryde Rental Market at the moment enquiry has been incredibly high. We received over 1300 tenant enquiries on our rental properties in January. The most popular properties are those near transport hubs like West Ryde Station & Meadowbank Station, as well as houses in the Ryde Area. This is a real improvement from late last year when enquiry was sitting around the 700 mark.
Vacancy periods over the December and January period have been a lot longer than usual with property being vacant between leases an average of 21.4 days. In recent weeks this has dropped down to an average of 11 days.
Rents are improving slightly. 95% of properties leased in January achieved the targeted rent or higher (our rent ranges allow our property managers to negotiate an agreed rent between the incoming tenant and landlord). The quality of applicants has also improved. We are attracting people who have been living in the area for a number of years and only moving because their property has been sold. We have also had a number of tenants apply to us for property because their current agents or landlords have not been doing maintenance. With long term tenancy histories and great references, we are happy to take them on. It’s also a case though that property that isn’t in great repair is getting harder and harder to lease.
We leased 32 properties in January, and February is also looking to be a bumper month with 20 properties already leased. Our expectation is that February and March will see numbers of available property on the market reduce. That’s probably not going to result in rising rents. Low inflation and low interest rates are holding peoples wage rises to a minimum and when we do rent increases we are seeing people having to give notice and move further west or downsize.
Stability is the word of the moment – despite a buoyant market, you are always better having a good tenant in the property rather than facing the costs of vacancy & re-letting.
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