Investment Tips

Adelaide Rental Market Update for February 2021

Emma Slape | September 17, 2021
Adelaide Rental Market Update for February 2021

The current rental crisis has been an important community based issue as many South Australians struggle to find a rental in the current market. You may have noticed recently, we have been featured in The Advertiser to provide commentary on the issue.

We are certainly experiencing extremely strong demand, unlike we have seen for over a decade.

Last month, Turner Real Estate leased 81 properties. We had over 9,000 enquiries, conducted 273 inspections with 1748 groups attending and we received 1084 applications on those 81 properties. Our vacancy rate has dropped from 3-4 percent to just 1 percent in recent months.

By contrast, in June, we leased 71 properties but had 3958 enquiries, 308 inspections with 703 groups attending and 547 applications on those properties. So you can see the massive turn around in demand and people looking. The demand coming from overseas and interstate is really squeezing the stock – many are returning home to Adelaide post COVID.

So what does this mean for landlords? With enquiries at an all time high, now is a great time for your investment to achieve maximum exposure. The ‘Register to Rent’ featured on turnerrealestate.com.au allows prospective tenants to register their preferences and be notified of any new releases that match their criteria. This feature allows tenants to gain exclusive access to a property, giving them and advantage in their search in the current competitive market. For a landlord, this allows your property the opportunity to be leased quickly and have the potential to save in marketing costs.

At Turner Real Estate we believe that the relationship between landlords and tenants is important in the current market. If you are an investor, here are some tips that we recommend:

What's my home worth?

Find out the value of your property and see comparable sales, suburb performance and more. It takes seconds.

GET STARTED HERE

Ensure that when you’re considering a lease renewal, there is a review of your current tenancy. Reviewing both the quality of the tenant and their rental rate are important factors.

If you are planning to increase the rent in a renewal situation, be balanced in raising the rent – there are costs involved with re-letting and if they have been a good tenant, it is typically advantageous to continue that tenancy.

If your property is new to the rental market, talk to your agent about a realistic price to maximise your return financially and attract a long-term tenant.
Remember there are a range of factors which deliver a long-term outcome. The price is of course one of those, but the tenant respecting and maintaining the property (including the gardens) is also essential. If the price is too high at the start of the tenancy and stock levels change, tenant’s will break their lease to find something cheaper – so it’s a balancing act to achieve a fair price and long-term tenancy for the very best outcome. Plus you want the tenant to take the very best care of your investment

If you are wanting to know if you are maximising your investment in the current market and want to take advantage of Turner’s database of active tenants speak to our team today >> Click Here

Article by Emma Slape

Chief Executive Officer