Maloney’s Property, Canberra’s trusted real estate agency with 30 years of experience in the local market, have decided to share some top tips for renting out a property in the Canberra market.
Understanding the Canberra Rental Market
To succeed as a property investor in Canberra, you must understand the rental cycle in Canberra and the strategies to attract the best tenants for your properties.
Seasonal Impact on Canberra's Rental Market
First, let’s look at the cyclical nature of Canberra’s rental market.
June, July, and August can be cold in Canberra, but it provides some opportunities for property investors to lease their properties.
In terms of short-term rental properties, there are the school holidays where Canberra is a destination for the colder months, as a stop on the way to the Snowy Mountains and for the winter activities that are put on and, of course, an opportunity to visit our national attractions and get out of the cold.
In addition, this is also the period that covers the end of the financial year and a time when government and businesses are looking to spend their yearly budgets – so they may be looking to bring people to Canberra at the last minute.
September, October, and November are when the rental market starts to take off. There are plenty of reasons to come to Canberra, including international events such as Floriade, and business travellers are keen to make sense of the Federal Budget and connect with government departments and politicians.
December, January, February is a great time in the Canberra rental market. Festive seasons, school holidays, and exciting events like Summernats and the Royal Canberra Show attract diverse groups, from public servants to university students and diplomatic staff.
March, April, May – Autumn shines as the best season in Canberra. Short- and long-term rentals are in high demand, with great weather and popular festivals like The National Folk Festival and Canberra Balloon Spectacular.
Attracting and Securing Good Tenants in Canberra
So now you understand the rental cycle in the Canberra rental market, how can you secure good tenants for your investment property?
To maximise the chance of securing good tenants, you must have a rigorous process and know what you are looking for.
As a property investor, you can manage your Canberra rental property yourself or work with a property manager from Maloney’s Property.
Qualities of a good tenant according to Maloney’s Property:
If you decide to self-manage your property, be prepared to invest significant time in methodically checking potential tenant credentials.
Benefits of working with a property manager from Maloney’s Property:
Basically, partnering with a property manager from Maloney’s Property will save you time and money and maximise your chances of securing and maintaining good tenants.