Agent’s tips on navigating tight rental market
TOOWOOMBA is a city known for its strong rental home demand and the pandemic has only intensified this according to Real Estate Institute of Queensland Toowoomba and Darling Downs zone chair Katie Knight.
Ms Knight said many businesses in town were reporting little to no vacancy rates when it came to rental houses.
“Some (homes) are still becoming available but one of the most significant factors right now is no one is feeling confident with what is happening in relation to job security and other things,” Ms Knight said.
“You’re not finding people moving because they want a change, they are moving only if they have a reason.”
This trend is something Ms Knight has seen in her capacity as RE/MAX Success’ broker owner.
“We’ve got over 200 rental applications in at the moment currently being processed for properties that are available for rent,” she said.
“We’ve got 48 properties online at the moment for our office, and out of those 48 only two don’t have an approved application or are awaiting an owner’s approval on a pending application.
“Thankfully we have overcome the initial hurdle with COVID-19 and, provided we don’t follow suit with Melbourne, I expect our region will pull through quite well.”
Ms Knight said circumstances might change come September, as the government reassessed financial support systems.
“More properties might become available, but it also might be harder for people to secure those properties,” she said.
“If people’s benefits are reduced it could affect their capacity to pay rent, which may limit opportunities.”
She had some tips for people looking to move home now.
“Most properties are renting before they come available so I would recommend looking a month before you need to move,” Ms Knight said.
“If tenants are needing to move in our area, I would suggest to make contact with a couple of real estate agencies and register your details
“We have a prospective tenant register and we can retain their details and match them up to property when they come due.”