With the onslaught of COVID now out of the way, Melbourne’s inner city rental market is now being redefined.

Where once there were vacancies aplenty due to a mass exodus to regional parts of the state, CBD livability is almost back in full swing. It seems that urban rentals have regained some traction and are now in significant demand. And it’s all due to a bit of market tweaking.

Renters are now reconsidering the type of dwelling in which they’re prepared to live, as well as the living arrangements that will give them the best bang for their buck.

Let’s look at what’s placing a whole new lease on rental life.

 

Rental Stress

With pandemic scares and restrictions out of the way, city rental vacancy rates have fallen from 4.79% to a mere 2.06%.  This clearly puts pressure on the market and pushes rents well into budget-breaking territory.  The stats say that the number of potential renters per listing has surged by nearly 50%!

This has forced would-be tenants to reconsider what they’re prepared to compromise.  Some are taking on much smaller apartments, while others seem willing to go back into shared accommodation.

Of course, the return of international students and workers hasn’t helped.

But for those who still insist on squeezing every little perk from their last penny, the following option is probably right up their alley.

 

A new contender

Where developers would usually build multiple apartments and sell them to individual owners, they’re now choosing to be the landlord themselves. It’s called the “build-to-rent” model.  The beauty is, renters can forego extra expenses like cleaning, gym membership, going out to entertain, and even the commute, as they’re an all-inclusive part of the tenancy.

By bypassing the middleman, developers can now do what they please with the entire building.  As such, they can offer tenants a range of lifestyle luxuries and opportunities at no additional cost. For every dollar these renters pay for the comfort of living here, they save 10-fold on other things.

That’s not a bad way to do it.

 

But as for us?

We know that not everyone wants to live in the city, nor do they need the likes of cleaning services or gym memberships.  What they want is a comfortable abode in a suitable locale that gives them complete privacy and exclusivity.

If you’re keen to hear more about our luxury apartments and townhouses, give us a call today.  Sometimes you just don’t need to reinvent the wheel.