Challenges facing landlords who need to find a new tenant during COVID-19
All Cubbi COVID-19 articles are in progress and will continue to update. We are actively improving Cubbi as you read this article. In the meantime if you have any questions please do not hesitate to contact us.
The two biggest problems facing landlords who need to find a new tenant right now is:
Slower rental market
The past few weeks have seen increased expectations of an Australian recession. With the loss of income to many tenants and desperate landlords reducing rents to secure the limited good tenants looking to move right now (and a range of other issues caused by the Coronavirus), the rental market prices may fall and potentially substantially (without substantial government support).
SQM research (keep an eye on the weekly change of weekly rents)
Watch the lines at Centrelink (youtube)
Corelogic market update (Rpdata)
Social Distancing (and new laws and potentially further lockdowns)
This is making it very difficult to do physical inspections. In particular Open for Inspections are banned from midnight Wednesday March 25.
Also as a consequence many good tenants are deciding to stay put and not put their family and other vulnerable people at risk by moving home at this time.
Therefore if possible we recommend working with your existing tenant to avoid having to find new tenants. Learn more about your options (link to be be added when complete)