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Rental Market Tightens in Carnegie

By Matt Hurlston

Owners of rental property in Carnegie should feel encouraged by the news vacancy rates have tightened in Melbourne.

Down 0.2 per cent on September's results, the average rate over the city fell to 2.7 per cent in October. This is the lowest vacancy rate of the year so far, according to the latest figures from the Real Estate Institute of Victoria.

This is a great result for those who have invested in Carnegie real estate with the intent to rent, said REIV CEO Enzo Raimondo.

A decrease in vacancy rates signals growth in demand from tenants, and this demand is also influencing a rise in the weekly median rents across Melbourne.

Inner Melbourne suburbs have seen a growth in median house rent from $510 in September to $521 per week in October.

If you own real estate in Carnegie or other nearby suburbs, and have thought about finding tenants, you may want to enlist the help of a property manager.

Partnering with a professional property manager can reduce the stress and hassles of renting property by streamlining communications and delegating the comprehensive tenant selection process.

For more information on working with a property manager, contact Matthew Hurlston, Director of Property Management at Ray White Carnegie.

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