What is happening in the inner north rental market?
High quality family homes with three or more bedrooms in Clifton Hill, Northcote and Fitzroy are in hot demand and these properties are commanding extremely strong rental returns.
With Jellis Craig’s network and database of people looking to lease quality homes, properties are often leased after the first inspection or before listing on the open market.
Using targeted communications, Jellis Craig Inner North are able to secure desirable and stable tenants for property owners prior to advertising.
Overall, there is an increase in rental stock with many first-time property investors entering the market. In addition, some owners have chosen to hold onto their smaller, previously occupied properties for investment purposes as they upgrade into a larger family home.
Brand new developments in Collingwood, Kensington, North Melbourne and Northcote are flooding the rental market, softening the returns for smaller apartments. However this is a short-term issue with demand likely to increase steadily over the next six months as more tenants enter the marketplace.
Please contact the Jellis Craig Property Management team today if you have an investment property you want leased quickly, professionally and to quality tenants.