Renting in Australia with House Prices Going Through the Roof
2nd June, 2021
Renting in Brisbane at the moment is quite a perilous adventure. Long term tenants are for the first time experiencing doubt with their tenancies.
Landlords are reviewing their options and they are looking at what kind of asset they have. Should they add on a granny flat, should they subdivide, renovate and then move back in or should they sell? There are so many options at the moment for Landlords to consider and of course they impact on Tenants.
With the cash rate being so low in the current market Landlords have a better chance of gaining a higher return on their investments.
Tenants are really feeling uneasy, especially knowing that their tenancies are expiring. Tenants realise that the market is so tight and that finding a new property to rent is definitely not in their favour. All of my tenants have accepted new 12 month tenancies and the increase in rent that he market demands.
I have a tenant who was supposed to move out over 1 month ago but because she has not found a property as yet she has not been able to vacate. Our Landlord is a gem and he understands (however he is selling his own home and he will need to move back into his property soon. We are working with the Tenant and the Landlord in order to find a solution that will suit everyone.
Many tenants are having to move to properties that they would not usually choose, simply because there are not enough rental properties available.
Tenants have told me that they have had to move into houses with their families and they have had to store their possessions. If you have tried to rent out a storage container you will know that there is a huge shortage. This is why I have seen storage pods pop up on people.s front lawns - they are staying there for quite a while.
- Tracie Harrington