Melbourne Apartment Rent Market Overview

Melbourne Apartment Rent Market Overview

Melbourne is the city with the fastest population growth in Australia. Every year, a considerable amount of overseas students, job-seekers and tourists visit Melbourne and look for ranting apartment. Thus, it is also explainable for the high rate of return in the Melbourne apartment rent market.


In order to select the best accommodation place, people have to endure difficulties such as crowded inspections, immediate applications and queuing for payments. Not only so, during every rental peak season, it is even more difficult to find a satisfying apartment in Melbourne because the housing stock is either insufficient or it is too expensive.


The Census data show that the number of leaseholders in Melbourne area has already reached 1.5 million, where 90% of Victorian suburbs have shown an increasing trend within the past 10 years. Between the year 2006 and 2016, the number of leaseholders in Victoria has increased by 0.34 million, where Melbourne successfully made it into Victoria's top four by a 8.5% increase.


As the rental population continues to expand, Melbourne apartment rent market demand and the rate of return for apartment investment increases, the apartment rent market is gradually becoming prosperous. Statistics show that the latest apartment vacancy rate has dropped to 1.7% and the utilization of Melbourne Apartment is extremely high.

The prosperity of the Melbourne apartment for rent market has a direct impact on the living experience of leaseholders and the rate of return for the owner's investment.


Melbourne Apartment Rent Market | Suggestion for Tenants


To seize opportunities in the ever-changing rental market, it is best to lease the empty rooms in your personal property. This will not only allow you to invest in the rental market, but it also will save you the trouble in visiting crowded property inspections.


Melbourne Apartment Rent Market | Suggestion for Property Owners

Although apartment rent market is extremely prosperous, but not all properties are welcoming. As owners, you must pay attention to the following details to guarantee yourself a considerable rate of return when selecting an property to invest.


Melbourne Apartment Rent Market | About Apartment Location


Choosing the location of a property is the most fundamental element for it to preserve longer. Along with the development of the city, property resources gradually decreases in the CBD, thus its value rises year by year. Owners should prioritize the housing location of the property when investing it. For example, properties in Melbourne's CBD has a stably growing rate of investment return.


Melbourne Apartment Rent Market | About Apartment Transportation


Another major factor which impacts people's choice of property investment is transportation. As people's living requirements and their frequency of daily activities increase, the necessity of transportation is amplified. Therefore, properties which occupies transportation advantages are more desirable for tenants.


Melbourne Apartment For Rent Market | About Nearby Facilities


Nearby constructions such as schools, shops, restaurants and other essential facilities are also extremely vital to the tenants' choice of their property investment. Thus, property owners should carefully consider and examine both the property's self-facilities, as well as surrounding resources, to ensure a satisfying rate of return on their investment.


Melbourne Apartment Rent Market | About Your Property Manager

As a company with nearly 20 years of experience in the real estate industry, the professional services that Elite Real Estate provide can assist clients in achieving a more advantageous result for their investment.


1. You need a experienced property manager to accompany you in attending the final inspection.


Such service is offered complimentary at Elite Real Estate, where relevant professional advices and precautions for the property are provided by the property manager to avoid unnecessary maintenance fees in the future.


2. You need personalised advertising and promotion channels.


Elite team can help you in customising the most suitable advertisement for your property, including services such as professional photography, advertising design and etc. Furthermore, Elite can provide effective promotion through both online and offline marketing channels, as it has accumulated a large client database over its four branches distributed amongst the CBD.


3.You need assistance in determining a reasonable price for your rental property.


Experiences that the Elite team has in the CBD property market over the past 20 years, allows the team to determine the most reasonable pricing for a property by considering elements such as its location, size, orientation, the needs of tenants and etc. Think about it, if the pricing of a property is too expensive, it will lose its competency. But if the pricing is too cheap, the property owner will lose his/her deserved return on the investment. Thus, only a reasonable and accurate pricing can help the property owner find its suitable tenant without losing their deserved rental profit.


4. You need a local management company to help you manage your property more easily.


Elite Real Estate has four branches in CBD, with one of it being only one minute walk away from the Empire apartment. Thus, it is not only convenient for inspection arrangements and dealing with emergencies, but it also saves a large amount of time and effort for the property owner.


5.  You need a experienced property manager to select the most suitable tenant for your property.


To choose the most suitable tenant for the property, property managers at Elite will carefully examine the personal background information provided by the Tenant and any extra information shown in the National Tenancy Database. Then property managers will provide their suggestions to vendors according to their past experiences, so the final tenant chosen for the property is reliable and responsible.


6. You need a property manager who treats your property with care and responsibility so investment risks can be reduced.

After the property is successfully leased and relevant documents/contracts are completed, the property manager will make immediate arrangements to finalize the rental procedures as soon as possible. A efficient property manager can help you earn your rental income as soon as the tenant moves in and settle check in-in matters such as the connection of water and electricity, moving-in precautions and other details that the property owner is unfamiliar with.

During the rental period, property managers will arrange periodic housing inspections, maintain good communication with the tenant and arrange proper maintenances under emergency situations. Furthermore, any potential conflicts between the property owner and the tenant will be negotiated and solved by the property managers , so tenants will enjoy a fine residential environment and reduce any damages to the property. Even when facing accidents such as malicious damaging of the property, experienced property managers will help you earn the deserved compensation so investment risks are minimized.

You may not earn the same rate of return on your investment from the same apartment, but the property managers at Elite can guarantee you with the lowest investment risk, fastest leasing speed and the perfect management system to eliminate all of your concerns.

So if you want to rent apartment in Melbourne, just don't hesitate to contact Elite Real Estate expert team on 1300 354 839 today, for more information and professional advice for your property. 

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