Rental squeeze hits Coffs
If you thought finding a home to buy on the Coffs Coast was competitive, spare a thought for those trying to secure a rental property.
Prospective tenants are facing a rental squeeze as the number of properties available struggles to satisfy the number of people looking.
The Edge Principal Mark Webb said his agency has noticed the trend.
"Our rental market from Repton through to Corindi is under immense pressure from lack of supply and increased demand," he said.
"At open houses we are regularly seeing 15 to 20 people through certain properties and some properties we are going into double figures with applications."
Real Estate Institute of New South Wales (REINSW) figures for February show the rental vacancy rate for the Coffs Coast was 2.3%.
Mr Webb said there does not appear to be any type of property that is not desirable for tenants.
"We are seeing demand right across the board, from units to houses and villas."
So what is a prospective tenant to do in order to make their application find their way to the top of the bundle?
"Anyone with a dubious rental history in renting property will find it especially difficult to rent," Mr Webb said.
"As the market becomes busier, landlords have numerous applications to chose the best potential person from. The best advice for any prospective tenant is to make sure all relevant paperwork, identification, rental history and references are readily available."
Mr Webb said it's also important if you are currently renting to ensure your rent is paid on time and kept up to date and that you keep your property clean and tidy.
"Any rental arrears will usually hinder application acceptance."
The tight rental market may also spark the interest of those thinking about investing in rental properties.
Residex figures show 40% of properties in Coffs Harbour are rented and the capitalised annual yield on rental houses is 5% and 6% on units.
"Rents have increased year in, year out for as long as I can remember, and I see no immediate change to this cycle," Mr Webb said.
"Property should be seen as a stable investment with solid gains over a number of years in Coffs Harbour."