What does the rental market look like heading into 2022

And so we’ve reached the end of another year..

As we exit another year that has been deeply affected by the pandemic and we look forward to 2022, many are wondering what the next year has in store for us. Thankfully our local housing market has managed to come out of the other side of the pandemic in a better position than before; for that we consider ourselves very lucky. So what is in store for the rental market in 2022?

1. Continued Growth

The growth in housing prices (and, in turn, rental rates) in our Geelong/Surf Coast region over the past year has been very steady. With a huge number of people seeking to leave the confines of Melbourne’s lockdown and escape to regional Victoria, with some space to stretch their legs and the beach to make the most of the summer.

2. Hybrid Working

The motivation behind a sea change has been conveniently supported by the flexibility to work from home. It is expected that even as we move out of lockdowns/restrictions that most employers will still be supporting the flexibility to work from home -at least on a part-time basis- reducing the need to live in close proximity to the office.

3. Furnished Rentals

With this newfound flexibility, many families who are considering a permanent move are choosing to trial life down on the Coast whilst waiting to find the perfect home to buy. For this interim period, we have seen a huge demand for furnished mid-term rental properties. A furnished house enables a family to jump right into life as a local, as they search for their forever property, without having to do the full household move twice; we expect this demand to continue into 2022.

4. Borders Reopening

Another factor that will contribute to the rental market entering the new year, is the reopening of borders (both interstate and internationally), making way for international students to return which will bode well for student housing and share house properties, a market which has obviously had much higher vacancy rates during the pandemic.

5. Renter Confidence

The reopening of the borders will also see more movement in the community and the return of many businesses. This particularly affects those in the retail and hospitality industry, industry shutdowns which have particularly impacted young people and students. We saw many younger renters being forced to move home during lockdowns, people who will now be able to afford to rent again with confidence.

Get in Touch!

With all of these factors contributing, our local region seems set for a very strong 2022.

With interest continuing to grow and the demand far outweighing the supply, our rental properties are being leased out for impressive rental rates, being flooded with high-quality applications, and vacancy periods are essentially non-existent.

So, if you have an investment property and are wondering how to navigate the start of 2022, feel free to get in touch. We can help to guide you through and set you up to get the very best result for your property. (03) 5223 1657

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