Well, 2023 is off to a frenetic start, with the rental pressures of 2022 spilling over into the new year. The shortages we’re facing bring very practical challenges for prospective tenants and our team.
Morton manages over 6000 properties across Sydney and the demand for property is the highest I’ve ever seen. Our team is fielding enquiries for properties in every suburb in numbers that we have never experienced before.
It is unprecedented.
Our team are constantly having to review and rework how they manage the ever-increasing demand whilst meeting the expectations of all those seeking a property safely, transparently, and fairly.
It’s tough for everyone involved, but especially those looking to find a property within their budget given the strong competition. The surge in demand has even led to government reform, with new laws banning rent bidding coming into effect on the 17th of December 2022, and further reforms around data protection being tabled for early 2023. The rental crisis has become a national issue.
So, what’s the solution? To be honest, I’m not sure. CoreLogic states the annual growth in unit rental values reached 14.1% in 2022, but rental yields remain low due to the increasing interest rates and decline in property values.
It is clear there is no magical pathway to deliver more properties to the rental market in the short term. At Morton, we are very conscious of securing quality tenants, and we emphasise to our landlords the value a good tenant provides, giving a long-term return on investment for their property. Morton seeks to provide the same level of support to tenants in the properties under our management as we do the landlords who entrust their investments to our care.
It has been a hectic start to the year and I’m afraid I don’t anticipate it will change anytime soon. At Morton, we can’t guarantee to be able to offer you the perfect rental property, but our aim will always be to provide efficient, useful, informed advice and guidance.