A Queensland property manager has offered some insight into
the mental and emotional toll that’s being shared by the profession and
prospective tenants during the current rental squeeze.
Australia is in the
thick of a severe rental crisis, with national vacancy rates continuously
trending lower across the past six months.
These tightening rental
conditions have been felt right through the real estate industry, from tenants
and landlords to property managers; all parties involved in the tenancy process
have felt the pinch and pressure the current climate has presented itself.
Breanna Kirby, senior
property manager at Ray White Nerang, a Gold Coast suburb where vacancy rates
have sat at 0.2 percent since late 2020, has described the incredibly
challenging and fast-paced situation in the region.
The current climate has
seen rentals in Nerang securing tenants within a week and a half, although Ms. Kirby outlined that this process would be quicker if it weren’t for the large
volume of applications they receive, which can amount to up to 30 to 60
applications for a property asking for a weekly rent of $500 or below.
She has described the toughest challenge facing her team in
this high-demand environment as "having that feeling of, not so much
responsibility, but that feeling of wanting to help everybody and not being
able to do so”.
"We feel for all the
applicants that are out that are up against each other for these properties in
these affordable price ranges,” she said.
"We have a lot of
conversations with potential applicants wanting to know how best to put their
foot forward for these properties … It really comes down to being prepared with
the application process.”
Given that it’s a
stressful and emotional time for applicants, repeat applications are often seen,
with Ms. Kirby revealing many prospective renters submit for three or four
properties, even without the promise of securing a roof over their head.
applications often occur when renters are edging closer to the date they’re
required to be out of their current property.
When it comes to helping
these people through the process, whether it is successful or not, Ms. Kirby
said that Ray White Nerang sticks to a formula "of making sure the application
that they’re making is for the right property as well”.
"We don’t want to make a
bad situation even worse by approving tenants for a property [that] for all
intents and purposes is probably outside the realms of their affordability,”
Article Source: https://www.realestatebusiness.com.au
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Thursday, 14 July 2022