Attention property managers: right now is a better time than ever to attract renters to your Gold Coast rental property. Why? Because 31 per cent of Australians chose to rent instead of buy their own home, reported a study conducted by CHOICE and National Shelter.
Worldwide, owning your own home has always been a goal for rising adults, but it appears that goal may have changed. Let's dig more into the data.
Recent numbers from the Real Estate Institute of Queensland found that the Gold Coast's rental market recently moved into the healthy range with a vacancy rate of 2.5 per cent, relieving what was 13 quarters of tight operations. For both tenants and property managers alike, this is good news! Higher vacancy levels means tenants and landlords can work together to find a home more easily.
However, rent is still expected to be relatively high, especially as the 2018 Commonwealth Games are coming in to town, explained Gold Coast Bulletin. Of course, with the Games comes the need for places to house the workers and athletes. So the rental market has the potential to have some serious competition in the coming months.
The demand is typically greatest for houses, as these are often people who are looking to stick around more permanently (or, as permanent as you can get for a renter). Figures from National Shelter's report found that 60 per cent of renters were living in a house or townhouse, whereas the remaining 40 per cent was in an apartment. Of those renting, 24 per cent are couples with children, 20 per cent are couples without children and 25 percent were just plain living alone.
What is the driving factor of these renters? Affordability! According to the source, residential property prices in Australia have increased 23 per cent in the last five years – of course, we probably don't have to tell you how expensive the housing market is. For many, the reasons behind renting were simple, it was cheaper and more flexible – they just plain can't afford to buy their own property. But it might not be about affordability entirely.
Interestingly enough, Australians aren't the first to alter the home owning dream – other countries with advanced economies like Germany are choosing the rent life as well.
If you need a hand throughout the rental process, look no further. Our team here at Ray White Surfer Paradise is ready to assist you – just contact us today.