It’s amazing how easy it is to get used to things. I was discussing with a colleague the availability of properties and I just casually mentioned that houses were always the first to rent. Judging from his surprised expression I realised that what we in Property Management see every day is not what others might expect.
Renting Houses is easier than renting Units and town houses. On average, if I was comparing five houses with five units or townhouses, we would most certainly rent houses faster every time.
I think this is an interesting point. I know the quality of the houses we have because we inspect them when they become available obviously and I know what goes into 8 Star Homes properties to set them apart. One of the reasons we rent more houses is that families dominate the landscape in new estates. The appeal of having more room inside the house, a backyard and secure car parking is very attractive to them. Also, there are usually parks close by, access to public transport and shopping centres. It’s a very appealing combination. Naturally, there is also the cost factor to add in.
It’s very difficult to compare inner city suburbs with new estates. First, there are not many free standing homes and secondly the predominance of apartments being constructed make the traditional family home quite rare. Besides, small one bedroom and two bedroom apartments are definitely not family friendly.
The exodus towards outer suburbs is really a result of families moving to where the affordable houses are. The type of property they are looking for is being built further out in the new estates. There may well be an element of price there because if you want a house and backyard it’s clearly more expensive the closer you get to the city. The trade off with new estates is distance and the associated travel times if you work in the CBD but naturally, not everyone does. Public transport and infrastructure does help a lot and planned improvements, especially in the North should make a difference.
From a different viewpoint, IDPM and 8 Star Homes have a very close working relationship. This is a distinct advantage when you factor in any potential maintenance or warranty issues on the property. 8 Star Homes are able to contact the Builder or supplier direct and arrange for these things to be sorted unlike some other projects I’ve seen. Getting a problem sorted quickly for the Tenant is a benefit for everyone involved I can assure you.
Now I’m not saying that units and townhouses won’t rent, don’t get me wrong. What I am saying is that families still prefer a four bedroom house based on our experience in Property Management.
Be that as it may, houses are clearly more popular from our perspective. The simple fact is that families like new four bedroom houses and these are plentiful in the new estates.
Some things never change.