The Melbourne rental market has made a full and swift recovery since COVID-19 restrictions were lifted. This has resulted in a very tight vacancy rate of 3.8% across Melbourne. Miles currently has a lower rate at 2.94%.
One of the significant areas with noticeable improvement is a rise in apartment leasing. There has been an increase in demand from young people returning to the market as well as a number of people returning from overseas, particularly in the CBD.
Houses in Banyule are leasing extremely well with an average of 10 days* on the market. Likewise, units are also leasing well with an average of 12 days* on the market.
The Property Management team at Miles are settling back into a more normal routine and we are excited to be moving forward after the challenges of COVID-19. Our team are the north-east’s leading property management and leasing experts with a portfolio of over 2500 properties.
Did you know, our Property Managers have smaller property portfolios and access to a larger rental administration support team compared to other agencies. This allows us to deliver a premium service to each and every one of our clients. We also introduced the PropertyMe software platform which has positively transformed how we communicate with all our clients. The platform has created multiple efficiencies within our Property Management portfolio streamlining the end-to-end management process for both Renters and Rental Providers.
Our arrears rate is consistently under 1% across our entire portfolio, a result that reflects the hard work of our Property Managers and the effective operational processes we have put in place along with the careful selection of quality tenants.
The new Residential Tenancy Act regulations were introduced over 12-months ago and our Customer Care Manager, Fiona Galbally, has done a remarkable job ensuring our team and clients have all adapted seamlessly to the new requirements and obligations.
After a resilience-building two years, the Property Management team at Miles continue to focus on delivering great outcomes and going above and beyond for all our clients.
If you would like any information about our services, or an obligation free rental appraisal, please don’t hesitate to get in touch on 03 9497 3222.
*Source: proeprtydata.com.au
