11 Jan 2017
ALBANY RENTAL MARKET 2016
To sum up the Albany rental market for the 2016 calendar year in just a few words: Stable & Consistent.
Whilst the metro area still remains very up and down, Albany has seen some very positive signs throughout 2016 that should have investors looking very closely at our region. Some highlights over the year are as follows:
- For the 3 months to December 2016 the Albany Urban Area Median Rent remained stable at $350 per week (exactly the same as it started the year in January 2016) (* Source REIWA)
- Overall we leased 166 properties for the year with the busiest month being February when we leased 26 properties – a great effort considering there was only 21 business days in the
- What was particularly pleasing was our vacancy rate throughout the Our lowest vacancy rate for the year was just 0.5% (January, February & May) whilst the highest rate was recorded in August at a more than acceptable 2.2% (some metro agencies would be jumping for joy if they recorded such a figure) Our average vacancy rate for 2016 was just 1.17%
- Having tracked the number of properties being advertised through the Albany area during the calendar year we saw that, on average, 90 properties where advertised each With a low of 72 recorded week ending 20th May and a high of 107 recorded week ending 8th January.
- With our state of the art tenant booking software we are able to report that over the year we assisted 3337 tenants with their enquiries, carried out 927 rental viewings, showed 1630 tenants through a rental property and processed 522 applications for
So what do we expect of 2017? More of the same. Once you discount the high and lows surrounding the GFC, Albany historically has a very stable rental market and this is something we expect in the new year. We have seen some slight corrections or changes to the patterns in the local market but otherwise expect more of the same moving forward.
If you would like to learn more about the best time and also methods we use to ensure our landlords properties are leased faster then why not contact us today.
From the desk of:
Greg Pearson M: 0418 959 584