Rental Market Chat For March 2023
Rental Market Update for March 2023
We are having some challenging conversations at present with both Landlords and searching Tenants.
The rents were reported by the media as having increased significantly in financial Q3 and Q4 2022.
We return in financial Q1 (Jan 2023) and the rents we believe have tapered off. Some Landlords have returned their property to the market this quarter with high expectations. Some choose to not take our cautious advice. They want to live off the ticket they heard and read about before Christmas.
BUT at the same time, there are rental availability shortages which would point to searching Tenants requiring to pay a rent increase.
We believe that many existing Tenant and Landlords have worked hard to continue with an existing tenancy relationship: Work out a win/ win. This is to avoid uncertainty. Its very possible that COVID has subconsciously left many with a desire to keep steady, calm, and carry on with the status quo (for now).
Natural transient nature of the rental market has certainly not returned since COVID (however there are moments, mini cycles).
16/03/23
Rental Market Chat For March 2023
by Jeremy Jacob
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