Vacancy rates are often a good way of seeing how popular rental properties are in a given area, and they can also help inform your decision on whether to buy Bentleigh East real estate. SQM Research has released its latest data, which shows residential vacancies were in decline throughout February – and Melbourne was no exception to the rule.
Across the nation’s capitals, 2.3 per cent of homes were without tenants. Rental property in Bentleigh East exceeded this average, as only two per cent of dwellings had not been rented out over the course of the month.
In fact, Melbourne recorded the largest monthly fall, as the city registered a vacancy rate of 2.5 per cent just a month earlier. If investors needed an incentive to see what rental property in Bentleigh East has to offer, then these latest results might be a step in the right direction.
“Melbourne, Hobart and Canberra are all recording downward trends in vacancies now and this is resulting in upward pressure in rents for these three cities,” explained SQM Research’s managing director Louis Christopher.
The CoreLogic RP Data Rent Review for February also showed increasing pressure on the national rental market. Many capital cities saw no change in their rates over the course of the year, although Melbourne once again bucked the trend with a 2.2 per cent rise.
Weighing up the stability of your chosen market is essential when investing in property, which is why it’s important to be aware of the latest data. Some other parts of the country, namely Brisbane, Adelaide, Perth and Darwin, have recently experienced some of the greatest falls in rental costs on record.
For a helping hand making your first steps onto the property investment ladder in Bentleigh East, get in touch with Matt Hurlston and the Ray White Carnegie team.