10 Jul 2017
ALBANY RENTAL MARKET 2016-17
So how did the Albany rental market fair for the financial year that was 2016-17 – sound and consistent.
Whilst there is recent evidence to indicate the Perth metro area is fast approaching a vacancy rate of over 7%, in vast contrast Albany’s market place remains very tight and should make investors sit up and take notice of the continued strength in our market. Some highlights for the financial year are:
- Our team leased 168 properties for the year with the busiest month again being February when we leased 21 – a great effort considering there was only 20 business days in that month.
- What was perhaps the most pleasing was the strong vacancy rate throughout the year. Our lowest vacancy rate was recorded in both March and April at 0.48% whilst the highest vacancy rate was recorded in August, a very respectable 2.23%. Overall we recorded an average vacancy rate of just 1.32% – a really strong sign for investors.
- During the financial year, on average, there were 90 properties being advertised for lease throughout the Albany area (doesn’t include private rentals). The largest supply of stock came around the Christmas period (which typically does quieten off somewhat) when we saw up to 107 properties being advertised whilst the low point was October when only 76 properties were recorded.
- It would appear the median rent dropped slightly over the past twelve months with the median rent dropping around 5% to $323 per week ($338 for houses and $280 for units) (Source REIWA)
- We also report that during the year we assisted 3316 tenants with their property enquiries, carried out 1018 rental viewings, showed 1702 tenants through a property and processed 527 applications for tenancy.
So what do we expect for financial year 2017-18? With the recent Census indicating a reduction in the number of rental properties in our area, plus Albany being one of only a few locations to see positive growth in the population – it is our view that demand from tenants will remain generally strong and we should expect more of the same heading into the new financial year with vacancy rates tipped to remain tight.
From the desk of:
M: 0418 959 584