One of the greatest impacts to a Rental Provider has been the introduction of minimum standards. This refers to the general upkeep of a property to ensure a minimum standard of living. Some examples include:

Heating - Rental properties must have an energy-efficient fixed heater (not portable) in good working order in the main living area.

Locks - The property’s external doors must have functioning deadlocks or be fitted with locks that can be unlocked with a key from the outside but can be unlocked without one from the inside.

Windows - All windows in a rental property that can be opened, must be lockable. They must also be able to be left open or closed, without assistance.

So what effect has this had on investors?

These changes have forced Rental Providers to make a choice on whether they spend the costs required to bring their properties up to the minimum standards or to sell the property and invest elsewhere.

Another impact has been on the local vacancy rates. The Regional vacancy rate as of the 30th of June sits at 1.2% which is extremely low compared to the Metropolitan area at 6.1%. With a lot of people moving locally from interstate and Melbourne, the rental shortage has become an ongoing issue. With a lot of prospective tenants expressing their frustrations on how competitive it has become to find somewhere to live.

Investing in the market can be a very positive experience. Investors should secure the services of a Property Manager they can trust, someone they can talk to, provide them with crucial support and information and guide them through these changes.

Listen to Gaile's interview on 3BA here - Regional Rental Market Performance - 3BA - Gaile Atkinson and Brett Mac.

If you’re looking for an experienced Property Manager to be in your corner, our Senior Property Manager Gaile Atkinson has been in the industry since 1976! To speak to the most experienced property manager in Ballarat, call our office on 03 5320 9300.