Record low for average rental’s time on market

New rental listings are being snapped up quicker than ever before, according to the figures from July. New data from PropTrack has revealed that rental properties advertised on realestate.com.au are renting in an average of 19 days, a historic low for the firm since it first began advertising homes for lease, with Perth’s properties being leased in an average of 17 days.

At a national level, the number of total available rental listings was almost a third lower than pre-pandemic levels, and rents were up 8 per cent compared to 12 months ago. Eleanor Creagh, a senior economist with PropTrack, foreshadowed that competition for properties will only grow more fierce in the months ahead, with a surge in new migrants expected to flow into the country. It’s hoped that investors will be buoyed by this apparent demand and increase their activity, particularly as their market participation has yet to get back to its pre-pandemic pace.

Strong rental demand, a low supply of stock, and the potential for strengthening rental yields are likely to keep investors engaged. Potentially, this will be a good time for property investors to start getting back into the market. 

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(Source: realestatebusiness.com.au)

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