With many individuals, couples and families across the country finding it harder than ever to purchase their own home, or simply choosing not to go down the path of home ownership, the need for suitable private rental accommodation is ever present.
Shelter is a basic human need. It always has been and will always continue to be. But a tightening rental market is making it more difficult for people to come by suitable housing.
The demand for rentals has surpassed supply in many towns and cities across Australia. Could property investors, our nation’s mum and dad landlords, hold the answer for those seeking a home?
If we look back a few years – pre-pandemic, mainly – the balance was tipped the other way. Property investors were seen to hold the market share. The pandemic put strain on many everyday investors. Those individuals – everyday landlords – who were privately dealing with the fallout from COVID-19, were also suddenly met with broken leases, delayed rent and a whole lot of uncertainty. Many took the opportunity to sell off property – the challenges were still there but so to were the buyers.
As we’ve seen over the past 12 months, the availability of property is simply not keeping up with the need for the large number of Australians currently renting. And the number of renters continues to grow.
Consider your investment property portfolio.
With international borders now re-opened, an observable shift away from remote style working and back to the office in some markets, and many people generally returning to something akin to pre-lockdown lifestyles, interest in smaller living is seeing a resurgence. Could an apartment or unit be your next investment? It’s something to consider.
Australian Bureau of Statistics data recently released suggested that lending to investors is increasing, with figures considerably higher than this time last year.
If you’ve been considering expanding your portfolio now may be the time to think seriously, with encouraging vacancy figures and a growing need for available rental properties. Speak to your property manager and RE/MAX team about your next investment property.
