This month, with the highest vacancy rate we have had for some time, we have finally felt the effects of a slower-than-usual rental market.
The Geelong vacancy rate was unchanged this month, remaining at 3.1% while Melbourne’s rate continued its downward trend to 2.4%.
And for the first time in a long time, we at Geelong Property Managers, have actually experienced a slowness in leasing properties. Anecdotally, we feel this could be cause by the holiday period and some older than usual rental stock, but nonetheless, our experience is reflecting what the data is showing.
Like the vacancy rate, median rents have also remained the same since last month.
With the exception of a small $2 rise in 2 bedroom units to a new median rent of $390 per week, the below REIV data shows the same data as last month.
2 bedroom houses are sitting at $380 per week for the fourth month in a row and are interestingly $10 less per week than 2 bedroom units. 3 bedroom houses at renting for $450 per week and 4 bedroom houses are still $520 per week.
If you have any questions about the state of the rental market, please feel free to give us a call on 5277 2727. You can also connect on our Facebook page too.
Our page can be found at https://www.facebook.com/GeelongPM
If you have any questions on the state of the Geelong Rental Market or if you would like to discuss our property management services, please don’t hesitate to give us a call on 03 5277 2727.
