What renters want
Epitome of cool: Collingwood is a leading rental hot spot, with a vacancy rate below 1 per cent. Photo: Craig Sillitoe.
To get runs on the board, residential investors have to be able to identify in-demand rental areas.
This isn’t as easy as it looks. Families who rent, older people and single and couple members of Generation Y want different amenities. And, because of affordability issues, tenants will favour some areas over others.
If you’re looking to buy an investment property, it’s important to look beyond broad residential vacancy rates. For example, renters under the age of 35 often share accommodation so that they can afford to live in preferred locations. Added to this, tenants of all ages are leaving lesser quality properties, or staying in this accommodation on increasingly shorter leases, and switching to quality, well-maintained properties.
Where are Melbourne’s rental hot spots? Collingwood, Boronia, Brunswick East and Meadow Heights are the leaders of the pack, according to a new study by SQM Research published in the latest edition of Australian Property Investor.
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