UNDERSTANDING TIME ON MARKET IN TODAY’S RENTAL LANDSCAPE

At times, a rental property may sit listed longer than expected. While vacancy rates remain low, this does not necessarily mean all properties are being rented quickly.

Why, is not always clear, but for properties struggling to attract the right tenants, there may be some simple and easily adjusted factors that can be identified in a quick review of key property elements:

Digital first impressions: Tenants are actively seeking rentals, which means their first port of call is often online. If your property is poorly presented digitally, it may not get much more than a passing glance. High quality, recent photos which reflect the current condition of the home are essential.

Availability for inspections: Most tenants prefer to inspect a property prior to applying. For this reason, good photos can generate interest, however limited inspection times may be a barrier, particularly for those working full time. Being able to offer reasonable and flexible inspection times can help attract more prospective tenants.

Highlight the best features: Don’t be shy about highlighting what makes your property stand out. What makes it a great place to live? Is it within a popular school catchment area, close by to public transport, or does it offer features such as a pool, secure yard, ample storage or parking, or even energy saving inclusions?  These may just be what your tenant is looking for outside of location, so be sure to showcase these where possible.

Inclusion: Are extras such as yard or pool maintenance included? Perhaps water usage is covered to a certain usage. Time- and cost-saving features can be highly appealing for tenants, so if it is something you offer be sure to communicate the benefits early in the listing.

Price: How does the property compare to similar properties locally? Look at what has recently been leased - not just advertised. If your pricing is out of sync with comparable properties, it may be beneficial to recognise where some adjustment could be made.

From time to time, it is important to review how your property is performing in the current market. Your property manager is here to help support you in achieving the best possible outcome. Securing reliable, long-term tenants can occasionally take time, but you can be confident that your property manager is working to ensure your investment performs at its best.