Northern Beaches Rental Market
You can’t have two hot markets…
Whilst the Northern Beaches sales market is booming rising 8.5% in the first quarter, the rental market hasn’t been as hot.
Many factors are contributing to this. Low interest rates are enticing people to buy, therefore we are seeing a lot of renters become first-homebuyers and moving into their apartments. The Northern Beaches rental market was strong last year due to an influx of tenants looking to move closer to the beach due to more work from home practices. Now the city rental market is stabilizing as people head back to the office and want to live closer to work again for convenience. Whilst we’ve seen apartment rental returns decrease about 10% across the board compared to late last year. There is a shortage of houses on the market, therefore houses have been leasing exceptionally fast and for record prices.
Schwarz are still getting great returns for their clients due to experience and local knowledge. Take a look at our results from April:
Tenants Inspected: 326
Properties Leased: 21
Average Rent: $652
If you are thinking of leasing or need some general advice, please do not hesitate to get in touch with our Business Development Manager, Domenic Coniglio – 0423 177 123.