Rental property vacancies see slow rise

Finding that ideal rental property in Box Hill could be easier than ever, as it emerges that Melbourne's vacancy rate increased between April and May. SQM Research reports that 2.3 per cent of properties were available for rent last month, up slightly from the 2.2 per cent recorded in April.

This puts the Victorian capital's vacancies slightly below the national average, which stood at 2.4 per cent in May.

Managing director of SQM Research Louis Christopher also offered some more good news to anyone hoping to find their next rental property in the city.

"We continue to record ongoing, yet gradual rises in rental vacancies across the country," commented Mr Christopher.

"This has resulted in an overall stalling of weekly market rents without capital city asking rents recording largely unchanged rents for the last 12 months."

It is possible that renters throughout Victoria might be drawn to apartments at the moment, especially as more and more are being snapped up as investment opportunities. The Real Estate Institute of Victoria (REIV) revealed that construction is rising in the outer suburbs, therefore increasing buying opportunities throughout the city.

Enzo Raimondo, CEO of the REIV, explained that anyone buying an apartment with a view to renting it out must ensure that it is likely to appeal to tenants. As a result, you will need to think about how functional the space is and whether it will appeal to your target market.

Aspects such as storage, the convenience of the layout and ventilation are several key areas that buyers will need to take a closer look at.

No matter what type of rental property you have your eye on, the team at Ray White Box Hill are here to help. Mark Edwards has many years' experience helping people find their next home or investment opportunity, so why not give him a call?

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