Despite challenges in the property management sector in 2021, with reduced demand for rental properties, the Miles team maintained a steady vacancy rate of 3.4% – well below the Melbourne average of 4.1%.
An oversupply of rental properties – particularly apartments – was a side effect of the COVID-19 lockdown. There were fewer international students looking for premises, family members moved back home with parents, and others chose to share larger premises with more outdoor space.
To further enhance our delivery of outstanding property management services, this year Miles introduced a dedicated leasing team. The work of this team has been instrumental in ensuring our vacancy rate has remained consistently lower than the Melbourne average.
The introduction of more than 100 new regulations to the Residential Tenancies Act meant our team was busy establishing the systems and procedures necessary to meet compliance requirements. Client services manager Fiona Galbally has led this project, which is providing even stronger protection for both tenants and landlords when leasing or renting a property through Miles Real Estate.
The pandemic had a significant effect on the rental landscape across the board in Melbourne, with the average median rental decreasing by 18.4% between September 2019 and September 2020 and a third of renters accessing their savings to in order to make ends meet. Tenants were supported by rental policies introduced in March last year for 12 months – including a moratorium on evictions on residential tenancies and the ability for tenants and landlords to negotiate temporary rent reductions if required.
Looking forward, we see a much more positive year ahead. With international travel recommencing to Victoria, international students, executive relocations and apartment living will once again resume, matching the current supply of rental properties.
A further example of Miles’ investment in technology to deliver a premium client experience is our implementation of property management portal Property Me. Property Me provides both landlords and tenants with even greater transparency, including the ability to swiftly access statements, log maintenance requests and communicate with our team.
From all of us at Miles Property Management, we extend warm wishes for a safe, peaceful and happy festive season. We look forward to continuing to partner with you in 2022.
