Spring a great time for tenants

Spring is renowned as a good time for buyers and sellers, but what about people who just want to rent?

SPRING might be renowned as a peak season for sales, but property managers say it can also be a prime opportunity for landlords especially in the blue-chip rental market.

Shannyn Laird of Urban Property said professionals moving interstate and sellers seeking alternative accommodation drove an uptick in premium rental inquiries throughout the spring months.

It comes at a time when the supply rate is traditionally low, with landlords mistakenly holding off until the new year to make their homes available for lease.

“Most people believe the prime time to list a rental is January, but it’s a total misconception.

“We consistently achieve year-high rentals in late August and September as executive level tenants look to secure a place to live,” Ms Laird said.

She noted there were two primary tenant groups who are highly active in the prestige property market around springtime.

“The first are out-of-town, executive-level tenants who are preparing to re-establish themselves in a new city for the coming year.”

The second main tenant group fuelling rental growth are local property owners looking to relocate while their home is on the market or just after its sale, she explained.

“They’re selling multi-million-dollar houses and need somewhere to go for six months or so,” Ms Laird said.

“They want something nice in the interim and are happy to pay for it.”

Ms Laird said over recent years the trend had been particularly prevalent in affluent areas like Brisbane’s inner-west, and already 2019 was showing signs of a similar theme emerging.

Meanwhile, demand is so strong these properties are often renting while still off-market or prior to the first inspection, with many achieving above market price.

“I’ve documented instances where landlords achieved a 20 per cent premium for their high-end rental simply because they choose to lease out their investment in spring,” MsLaird said.

“These tenants are willing, able and ready to move in.

“Many have plenty of money to spend on a rental and there’s nothing for them because most landlords of executive homes are holding back until January.”

As for the types of properties executive tenants are seeking, Ms Laird said it tended to be homes with four-bedrooms or more which had features like swimming pools, air-conditioning, and proximity to schools.

“The message for landlords is don’t be nervous.

“At this time of year there’s plenty of interest in premium rentals and these are upper echelon tenants.”