How to secure your dream rental

While we’re all aware of the major undersupply of Brisbane properties leasing for less than $650/week, there’s not a lot of headline space directed at high-end rentals.?

At the moment, the prestige rental market is moving moderately as it’s seasonal which means an incredibly strong June/July and December/January. Outside of these periods, this market is largely fuelled by people renovating and requiring a place to reside during those works.

Regardless of market forces, if you’re a high-end tenant you must have your sales agent or some other insider working with your property manager because the industry feeds off rental history.?

Most high-end tenants don’t have a rental history, remember they’re either renovating or selling, so they need a trusted reference when getting that tenant application over the line.?

In property management, there are multiple ‘tick boxes’, the biggest of those being rental history. If a property manager, inexperienced with high-end rentals, receives an application from a person who has never rented before, it will be a difficult application to accept.?

Here’s the other catch, if you can afford to pay for a $3000/week property but can’t show a substantial weekly income, despite having a bank account full of cash, you’ll also fall well short of getting a foot across the threshold.?

For the vast majority of our high-end rental properties, we look at the prospective tenant, their income, bank statements and may even speak with their accountants. We also understand many tenants aren’t comfortable sharing the necessary information with an unknown property manager, which is why specialised high-end managers are so critical in these cases.??

Why isn’t a load of cash enough to secure a tenancy on an available blue-chip residence? It’s because the damage that can be done to such a home by the wrong tenant, regardless of their earnings, is worth more than the average annual income of a property manager. Put simply, it’s not worth the risk.?

If you’re currently in the market for a prestige rental, we’ve got some absolute beauties. Take a look at this six-bedroom luxury with city views at 31 Dilkera St, Balmoral, view the architect-designed NOIR at Paddington, or retreat to the river at 25B Maxwell St, New Farm.?

Now for those of you on the other side of the fence, where the grass may be greener thanks to your hefty investment portfolio, life is sweet.

January is usually a nightmare for tenants in Brisbane but 2024 will be even messier because of the volume of new tenants headbutting a shrinking property market.?

Investors are selling (nice work if you’re not one of them), meaning less rentals and more tenants.?

It’s the perfect storm, with the only ones thriving being investors who will be rubbing their hands together as prices continue to rise.

I hope you enjoy the read.

Matt Lancashire