Brisbane Rentals.  Tenants are still on the rise.

Brisbane Rentals. Tenants are still on the rise.

Rental Demand Is Skyrocketing Rental Prices As Brisbane Becomes Second Most Expensive City To Rent

Suzana Wade is one of Brisbane’s leading property managers and the principal of Locate Property. Suzana weighs in on the current situation with Brisbane Rentals and the further increase of tenants looking for homes and she gives her opinion on what the future holds for renters and investors.

Median rentals in Brisbane reached a record high of $550 per week last year, making it the second most pricey capital city to rent an apartment, tied with Canberra.

In a record run of rent increases that is exacerbating the rental crisis, the most recent Domain Rent Report for the December quarter, revealed that the median asking unit rent in Brisbane had increased by over 19.6% in the last year.

The combination of rising international migration, a lack of new developments, and declining affordability has left our formerly accessible city second only to Sydney in terms of median unit rents. The report also revealed that rental vacancy rates are still at a nearly all-time low of 0.9%, conditions that are all combining to continue the rental crisis. The fact that Brisbane’s vacancy rates have been below 1% for over two years is particularly concerning.

Domains research claims that after a modest quarterly increase, the inner east area of Brisbane is now the most costly place to rent a home, at $758 per week. After a 1.5% increase, the city’s CBD is the most expensive area for apartments, at $650 per week.

Another factor impacting rental demand is that Queensland has one of the strongest rates of population growth across the country at 2.3 percent. With the total population of Australia growing by eight million people in the last 25 years.

Domain chief of research and economics Dr Nicola Powell stated that an easing of the rental crisis may come, especially in the unit sector, by promoting investment activity and expanding government and public housing. But due to the current shortage of supplies across the country, demand will remain high for the unforeseeable future. 

Meaghan Scanlon, the housing minister for Queensland, commented on the national housing crisis last year, commenting on the highly competitive market, and historically low rental property vacancy rates contributing to the near 20 percent increase in rent for tenants over the previous 12 months.

That is in addition to all the other elements that emerged during the pandemic, such as abnormally high migration, problems with the availability of land and buildings, and elevated demand. Ms Scanlon pointed out that the impact the current state of affairs is having on younger generations makes it feel especially dire.

I will continue to keep Brisbane investors, renters and those looking to enter the Brisbane market informed and prepared to best navigate the continuing challenges impacting us all.

Suzana Wade is a leading authority in the Real Estate industry in Brisbane, particularly in Property Management sector and has been voted as Brisbane’s best property manager. For further advice and insights into Brisbane Property Management you can contact Suzana Wade HERE

You can also keep up to date with the latest resources for both investors and tenants in Brisbane through REIQ

What does it take to be the Best Brisbane Property Manager?

What does it take to be the Best Brisbane Property Manager?

Property management Brisbane is highly demanding and requires a unique set of skills. Between finding the right tenants, ensuring low vacancies and high returns, keeping up to date with maintenance, and communicating between the different parties, there’s a lot to juggle. If the fundamentals are not in place, it can become a nightmare for owners and tenants alike. Suzana Wade of Locate Property discusses what it takes to be the best property manager in Brisbane

So what is the secret? How do you juggle all those demands while keeping both the owners and tenants happy? We went straight to the source to find out. 

As an expert in the field and one of the most competitive and highly respected Property Managers in the Brisbane leasing arena, Suzana Wade was recently ranked as the Number one Property Manager BDM in the Brisbane area by the online publication “the Researcher” and discusses what it takes to be The Best Brisbane Property Manager. 

Suzana Wade | Brisbane's Best Property Manager

Knowledge and experience 

The best Property Managers are backed by significant experience, a strong knowledge base, and glowing reviews from past clients. Local market knowledge is required to guide owners in maintaining and (sometimes) increasing the value of their properties. In addition to this, a strong understanding of local council regulations and relevant state laws is required. This ensures both the owners and the tenants are protected. 

Organisational skills 

Remember all the things a Property Manager has to juggle? You will constantly have things on the go. With multiple properties requiring communication with tenants, owners, and potential third-party maintenance personnel, you need to be an excellent multi-tasker.

Without being organised, managing so many things at once can quickly turn messy. Start with a detailed database with all the relevant information for owners, tenants, and properties. Write everything down and invest in a good calendar. This allows you to stay abreast of the important dates such as rent due dates, maintenance, lease reviews, and extra bills such as water, inspections, and repairs. 

Excellent communication and transparency 

Trust is paramount to the process. The best Property Managers know the gravity of managing someone’s investment and can communicate with their clients in a way that fosters confidence. One way I build trust is to have a completely transparent approach with open communication. I keep owners informed throughout the process and encourage direct feedback to ensure that there are no surprises at the end. I also have an open line of communication with tenants. Gauging the expectations of all parties involved is imperative to matching the best tenants with the best properties and keeping them leased. 

What It Takes To Be Brisbane's Best Property Manager | Locate Property

Just remember, the client should be at the heart of what you do. If you have happy clients, this promotes more business and success. So above all, aim to always exceed the client’s expectations because Results matter.

Contact Suzana Wade HERE for anything Real Estate related in Brisbane