Given the strong demand for rental properties and multiple applications for each listing, it is important to thoroughly process all applications to ensure we find the right renter for each property that we manage. Through the careful management of tenant selection, the performance of the Miles Property Management team consistently surpasses the Melbourne average.
Currently, the vacancy rate at Miles is 1%, compared to the Melbourne vacancy rate of 2.3% and our arrears rate has remained well under 1%. Additionally, with an average of only 12 days on the market for our listings, we provide substantial value to our RRPs, with minimal vacancy periods and steady income flow. Due to the continuing limited supply of rental properties now entering its third year, rents are continuing to increase as is the number of applicants attending open for inspections.
Six Key Reasons We Place High Importance on Renter Selection
We pride ourselves on our strict Renter selection process which will ensure your property attracts the most qualified and reliable renters. We only lease to the best applicants to ensure the ongoing success of your investment and provide you with the below benefits and peace of mind:
- High-quality renters pay rent on time, reducing financial risk for rental providers.
- Responsible renters will take good care of the property. They promptly address minor maintenance issues, reducing the likelihood of major repairs.
- Quality renters are often more interested in establishing a stable living situation, reducing the turnover rate which means less time and money spent on advertising and vacancy.
- Responsible renters will adhere to the terms of the lease agreement, reducing the likelihood of legal disputes or eviction proceedings. This can save property rental providers time, money, and stress.
- Well-maintained properties with responsible renters contribute to the overall desirability and value of the property. This can be beneficial if the property Rental Provider decides to sell in the future.
- Our renter database consists of a thoroughly vetted client base who will receive an SMS link to your property if it matched their renting criteria.
Ultimately, the quality of renters can significantly impact the overall experience for property owners, leading to a more profitable and less stressful investment which is why we place such high importance on this stage of the leasing process.
If you have any questions regarding our renter selection process, please get in touch.
