Thursday, November 30, 2017

Requests for top-end rentals… at an all time high!


Currently we have an unprecedented number of requests for top-end rental properties. At the moment we are entering the peak period for rental properties, and there are simply not enough properties to satisfy tenant demand - particularly at the very top-end of the market. And when I refer to top-end, I mean four or more bedrooms, $1000+ per week, large grounds and possibly a pool or tennis court. 

What has become clear is that executive tenants don't want to compromise on their amenities... if they can help it. As there are not a lot of property options available, executive tenants are willing to pay top dollar for a home that suits their needs, and will gladly sign a lease for two to three years. With a total of only 9, four bedroom  properties in metropolitan Adelaide available to rent for over $1,000 per week - there is an obvious shortage of supply. It has even gotten to the point, where we are being asked weekly by clients, what else do we have coming available?

As an example, this month an executive property leased for over $1,500 per week within days, with many of our tenants missing out on the opportunity. These clients are still left looking to secure a property for the New Year, and the timer is ticking.

So why is there so much demand? Many of these executive tenants are renting by choice. They see huge upside in the flexibility that renting offers. Others are renting as a 'stop gap' before looking to buy in the next two to three years. Investment properties are no longer contained to townhouses or units in Adelaide, and there is a real need that is being under serviced.

This trend represents great opportunity for owners of beautiful homes. It's a sign that the metropolitan Adelaide market is strong, and landlords at all price points are benefiting from the current conditions.

It is peak time and now is the time to act. We have fabulous tenants ready to go and we need more properties. Give us a call, we'd love to chat!


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