Rental Market Update - Oct/Nov 2023

Having trouble viewing? Here is what Hugh has to say:

Hi. I’m Hugh, from Peter Fisher Real Estate. Thanks for tuning back in for another monthly wrap up of what is happening in the rental market within the Orange area. For this month’s wrap up, I’m going to run through some stats and trends that our office has seen as of late and some general advice for both landlords and tenants.

Firstly, we’ll start with some stats trending in the area. Average days on market has increased for both houses and units as well as the vacancy rate rising .2% from 12 months ago. We are currently now sitting at 1.4%. Obviously, this rate is still low but are we starting to see a change in the rental market? After significant growth in rental prices over the last couple of years, prices have certainly began to stabilize. However, the median rent price is still healthy, $520 for houses and $410 per units, and the Orange area still recording growth from last year with regards to median house prices.

Over the past year, there’s been growth seen in the rental yield for Orange, up from 3.9% last October to 4.9% now for houses, and very little change for units, with yields hovering around 5.1%. Now for some trends across Orange. With over 140 properties on the rental market, more than 65 of these are over $600 per week. A large majority of these are made up of furnished properties, showing us that the furnished market is still slow, with plenty of supply and very little demand for long-term furnished properties.

Over the last few months, the interest per property is certainly not as high when taking into consideration the number of inquiries, the number of applicants, and attendees at open homes. So, as a landlord, you need to ensure your property is priced accordingly, especially heading into what is usually our busiest time of the year, to give yourself the best chance of finding a suitable tenant without your property sitting on the market for too long.

Lastly, some words of advice from the property management team in the Peter Fisher office:

For landlords, here are a few things to keep in mind. When applicants are looking at renter properties, storage is at a premium. Carrying out any necessary repairs and upgrades as well as some form of heating and cooling throughout the home. If you are to maximize these few things, your property will appeal to a much larger audience.

For tenants. When completing an application, ensure you put as much detail as possible and confirm that emails and phone numbers are correct for all references. An application where all fields are completed, along with references, certainly stands out.

So that’s a wrap for this month’s rental update. If you have any questions, please feel free to contact us or come into the office. See you next time.

We hope you’ve enjoyed our market update and found it informative.

If there’s any real estate question you would like our agents to answer, please don’t hesitate to contact us to let us know.

We would love to hear from you!