Extraordinary Demand For Premium Rentals
The demand for premium property rentals in the greater Melville & Fremantle areas has never been higher with Mont Property recently experiencing an unprecedented 0% vacancy rate and a long waiting list of quality tenants.
The closing of the WA border due to Covid combined with the low number of new investors entering the market over recent years has led to a perfect storm for landlords of premium property.
“We had a lot of people return home from over east when Covid first broke out that absorbed a lot of the rentals we had available,” says Nicholas Cole, Business Development Manager at Mont Property. “That was followed by strong demand from residents coming home from overseas and fly-in, fly-out workers deciding to base themselves permanently in Perth which has meant we now have a waiting list of great quality tenants.”
With the pandemic putting even greater emphasis on the importance of a well designed, comfortable property with lifestyle benefits and the need for space to manage working from home, rents have risen and competition for the best properties has been intense. Applecross, Attadale, Bicton and Melville, for example, are prime areas because of our excellent schools and community lifestyle along the river. Premium properties are easily attracting rents 20% and higher than average for these suburbs and up to 75% higher than the Perth median.
“The majority of what we currently list lasts less than 24 hours after the first home open,” says Nicholas. “In suburbs across Perth we have had people paying top dollar – often sight unseen – because of the lack of availability.”
Mont is a specialist in premium property. We define this by how the property is presented and finished rather than just by price, although premium rentals by definition fetch over and above the typical median rentals for our local suburbs.
Mont prides itself on delivering exceptional service to both our landlords and tenants.
Whenever someone enquires on a property, we send them an alert when a new property comes available. The result is that we currently have thousands of potential renters on our list, and properties under our management are rarely vacant.
“In one recent example on a property in Bicton, we had 80 enquiries in the first 24 hours after sending the alert,” Nicholas says. “I had to cap the home open at 30 people.”
Nicholas advises potential tenants to be organised and have their paperwork ready to give them the best chance against stiff competition.
“Speak to a property manager early on and let us know what you’re looking for, but then also have your documentation ready, all your ID and references done so that you can apply for properties immediately,” he says.
Nicholas says Mont offers a different experience to landlords because of our commitment to building personal relationships with our clients. While our marketing systems are second to none, we are not overly reliant on email and take the time to pick up the phone and talk to our landlords to keep them informed.
“We often receive calls from both prospective landlords or tenants who make the comment that we seem to be very active in the area and offer a premium and professional service because of this personal connection.”
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