Property owners take advantage of low vacancy rate
MACKAY'S renters are finding it increasingly more competitive to get their hands on keys to a rental.
It was only two years ago Mackay's residential vacancy rate was 6.4 per cent, which at the time, was the best it had been for four years. But presently the rental market is experiencing a vacancy rate of 2.9 per cent according to data released by the Queensland Market Monitor Report.
Pinpoint Property director Allison Cunningham said her agency held a zero per cent vacancy rate this week and had luckily listed two rental properties on Friday afternoon.
"I personally would not be surprised if the local vacancy rate was less than 2.9 per cent. We are filling rental properties very quickly," she said.
With vacancy rates at an all-time low, rental prices had an increase of 5 to 20 per cent in some suburbs.
Mrs Cunningham said that while tenants were enjoying the fruits of a competitive rental market, they were not abusing the situation.
"Most of my clients are being cautious with current clients and opting not to raise rents. I think a lot of them learned a lot from the downturn.
"One aspect they have taken advantage of though, is the ability to be more selective when it comes to choosing a tenant. They now have multiple options when it comes to choosing a tenant, so they choose the very best candidate."
Mrs Cunningham advised potential renters to come to viewings they are serious about with an organised application and to really 'sell yourself'.
"I've been telling prospective tenants to present their application like a resume. The more information you include the better, attach a photo of you and your family to the front. Even better - attach a cover letter stating why you are the best tenant for the property. Sell yourself, because we want to deliver the best possible candidate to our clients."