Are rent increases here to stay ?
If you are one of the many unfortunate humans currently looking for a property to rent in Queensland, it looks as though rental increases are here to stay .. at least while Queensland remains safe from Covid-19.
My opinion .. the current pandemic we are experiencing put a stop to overseas travel .. leading to more domestic travel .. it seems everyone has discovered Queensland as one of the most beautiful spots not only in Australia but in the world and they all want to move here !
The Sunshine Coast simply does not have the infrastructure for the numbers flocking to Queensland to live .. our roads / shops / utilities / services and of course .. our housing simply can not supply the extremely high demand.
For those lucky enough to be approved for a property to rent - the values have increased substantially.
Recently rented by Karen Stehr Property ...
3 bedroom 1 bathroom home Buddina increased from $500 to $550.00 per week - an increase of 10%
4 bedroom waterfront Wurtulla increased from $780.00 to $820.00 per week - an increase of just over 5%
3 bedroom 1 bathroom Warana townhouse increased from $400 to $440.00 per week - an increase of 10%
2 bedroom duplex unit Buderim increased from $380.00 to $420.00 per week - an increase of just over 10%
5 bedroom 2 bathroom + pool increased from $740.00 to $830.00 per week - an increase of just under 15%
In most areas without rent control, there is no limit on the amount a landlo
rd can increase the rent. But landlords cannot raise the rent at whim. The timing of a rent increase, and the way your landlord communicates it, are governed by statute in most states. Should the property be vacant, an owner may advertise a rent at market value. If a property is tenanted and the lease expires, an owner can increase rent only up to, or below market value but not over market value. A tenant may challenge the increase if they feel rent is raised higher than market value.
However, the market of today is at least 10% higher on average, than the values of this time 12 months ago.
Two months notice must be provided of a rent increase in a tenanted property, however should all parties agree to a new lease, no notice has to be given .. the new lease can be at an increased rate.
Happy house hunting .. and stay COVID19 safe !
PRINCIPAL - KAREN STEHR PROPERTY PTY LTD