Commitment issues? Long-term furnished rentals satisfy those on the buyer’s journey

WITH Property Owners

As we all know, we’ve seen every man and their dog make the sea change down here to the coast since COVID-19 restrictions have eased.

The establishment of work-from-home arrangements has enabled many Melbourne-based workers to live further from the city, without committing to a daily commute, with many able to work remotely for the greater part of the week.

Many of those shifting down here are looking to buy, but don’t want to wait until they land the perfect property to make the move.

As a result, we have seen a huge rise in the demand for furnished long-term (three to six months) rentals.

There are many benefits to renting a furnished home, it enables the tenant to test out a particular suburb, avoiding the giant effort of moving all of their furniture when they are still undecided on the suburb.

It also prevents the tenant from having to move everything twice if they plan to buy in the near future. The tenant can dive right into local life, without a huge fuss.

There is currently greater demand for furnished long-term rentals than there is availability, which means that each property is generating huge interest.

Furnished rentals are also listed at a higher rental rate than non-furnished rentals. For an owner this means that they are able to select the most well-suited tenant from a larger pool of applicants, shorter vacancy periods and a higher rental yield.

If you are interested in leasing out your property as a furnished long-term rental, please get in touch with Ji today and we can get the ball rolling.