Landlords reap rental rewards as vacancy rates hit low
LANDLORDS are reaping the rewards in Rockhampton and the Capricorn Coast as rental property vacancy rates hit a 12-month low.
In Rockhampton, Pat O'Driscoll business development manager Elizabeth Hood said a vacancy drop of 2% had been recorded since September last year.
"There has been a positive change in the rental market since January," she said.
"At the moment we have a 4% vacancy rate and have seven pending applications. It is the lowest it has been in at least 12 months and we expect it to be under 4% soon.
"With the market picking up, vacancy periods are also shorter. It's a very positive start to the year."
Yeppoon Real Estate general manager Claudia Coren said it was much the same story on the Capricorn Coast.
"Previously at the end of last year we had quite a supply of rental properties and a lot less demand so we were offering a lot of incentives to fill those rentals," Ms Coren said.
"But in the last two weeks that has changed dramatically. We have a 4.9% vacancy rate. which is the lowest it's been. We only have units left at the moment."
Ms Coren said the influx of out-of-town workers who were working on the Coast in the wake of Tropical Cyclone Marcia had a positive impact on the rental market.
"People who have lost houses or have damaged houses from Cyclone Marcia are moving into rentals as well as the contractors and tradespeople who are here working to repair homes.
"In the Yeppoon rental market, prices have remained firm. Landlords with vacant properties have been really good and haven't increased their prices to profiteer from the cyclone."