In Cairns, the rate of rental vacancies has continued to drop to record levels. The latest report from REIQ or Real Estate Institute of Queensland shows a record low vacancy rate of 1.2% in Cairns, with vacancy rates being even lower in the region of Cassowary Coast. On the other hand, the rate of rental vacancy in Mareeba is 1.5%. In comparison to Brisbane, the vacancy rate in Queensland’s capital is 3.3%.
While the present rate is not as low as in some other regions, in Ipswich, the vacancy rate is 0.9%, with the Sunshine Coast having a vacancy rate as low as 0.5%. REIQ has categorized the rental market in Cairns as critically undersupplied. The statistics reveal that the majority of accessible listings are lavish properties with expensive weekly rates, with the number of lower-priced rentals continuing to fall.
Private Rentals in Cairns
With the existing condition of the rental market, it’s easy for an exclusive landlord to become greedy and try to take advantage of tenants by increasing rent and creating a bidding war between candidates. With the vision of owning a property slipping more and more out of reach for a lot of people in Cairns, the rental market is virtually inescapable. With a high number of renters using online platforms to find somewhere to live, most of them are left open to potential disasters.
The Issue with Private Rentals
While some real estate brokers can have a bad image, they provide the safety of a formal lease contract between the tenant and the landlord, and clear communication between the tenants and landlords. The agreement assures some legal securities if things go bad. It is why many people in Cairns rent via real estate agent.
Private landlords can often rush a lease or only commit to verbal agreements, which are very hard to prove given a dispute. First and foremost, with lack of a Residential Tenancies Authority document, or incorrectly filed forms, you may have little support in the event of a dispute. The countless documentation and forms may look like a lot of pressure at the time, however filling out these forms and clearly raising your requests with a property manager can assist in keeping you safe from losing the bond as well as being handed unnecessary expenses.
Rental Properties Cairns
Although the rental market is very scarce at the moment, with each property receiving a large number of applications, Ray White Smithfield can still assist you in finding a house for rent in Cairns. Currently, we have 3 properties for rent, with new listings coming on the market regularly. There is a unit for rent available for only $370 a week in Coral Coast Drive, Palm Cove. The unit for rent has 2 bedrooms, one bathroom, and a garage ideal for a small family. There is also a house for rent in Smithfield available for only $345 a week. If you want a big house rent, try the house for rent Parramatta Park for only $700 a week. It has six bedrooms, three bathrooms, and a garage that can accommodate two cars.
If you want a lavish house, then have a look at this property for rent in Kewarra Beach. Kewarra Beach for $6,400 a week. The property has five bedrooms, seven bathrooms, and an oversized garage for four cars. Some other houses for rent offered are located in Earlville, Trinity Beach, and Koa, etc.
Dealing with a real estate agent is a very smooth process, as they will be working for you while being compensated by the landlord. This can save you a lot of time, hassle and stress. This means the objective of both parties can be to find you the most suitable house for rent at the best location and at the best possible price. Ray White Smithfield really takes the time to take care of Tenants, making sure you leave with a satisfying experience.
Just as important as when purchasing a property, good credit is vital as you try to look for a house for rent. Today, landlords are pickier than before, and some will require an application that will ask for your employer.
If you messily fill out this form or make errors, you can be rejected right away. A real estate agent can assist and walk you through the whole process while proofreading the application to ensure it looks good.
Ray White property managers will take the time to get to know you as a tenant, ensure all services are working, fix any faults as soon as possible, and much more.
Future Outlook of Rental Market
The market is predicted to stay very competitive for a while. Houses will be scarce, but availability will slowly start to increase. Prices are expected to stay relatively stable, however have the potential to drop as more properties enter the market. For a full overview of the Cairns rental market, get in touch today.
If you are in Cairns and searching for a house for rent, it is highly advisable to work with a reliable real estate agency. You can get lots of perks when you deal with a trustworthy agency such as Ray White Smithfield. For more information about the properties for rent Cairns has, don’t hesitate to visit Ray White Smithfield’s website. There are many different types of properties for rent, catering to many different budgets and requirements, so you will surely find houses to rent cairns that will meet your needs.