Interstate Renters Go Big in Brisbane

by Shannyn Laird

 

Over the last few months, there’s been a noticeable uptick in media stories about southern-state residents who are over the cost of living in in Sydney and Melbourne. According to reports, Brisbane has become the destination of choice for many as they uproot their lives and trek to our sunshine state.

Much of the reporting has centred on homebuyers, which is understandable. There’s nothing more clickable than a headline touting the idea of potential property value gains on the back of cashed up Sydney-siders looking to buy better in QLD.

While this may be true, our experience indicates that many of these high-income ‘new maroons’ are keen on renting too.

 

Fly-in Tenancies

I caught this gem headline on a news site:

Sydney rents plunge as fed-up residents move out to escape the overcrowded city and the soaring costs of living

The story explained that Sydney house rents had “plunged” by 4.5 per cent to $676 a week during the past year, while Brisbane’s equivalent figure surged 3.5 per cent to $466 per week.

As a well-versed Brisbane property manager, two things immediately caught my eye.

1 – Yes and “Yahoo!” I’m seeing that shift as well.

2 – The average rent for properties managed by our office sits at $750 per week, which means we are dealing with a higher-spend tenant pool.

That second point is often missed when reporters generalise across a large area like Brisbane. There are sub-sectors within the rental market where high-income professionals like to rent property too.

Of course, plenty of landlords want to attract just this sort of renter – those above-median income earners who’re looking for quality property to lease in great Brisbane. However, attracting them and keeping them does require a little something extra.

 

Why are They Coming?

Many people from Sydney and Melbourne are definitely coming to QLD for the lifestyle. They adore the opportunities available to their families here and are happy to spend $1000+ per week on rent.

They also love our tame rush hours. Plenty of potential interstate (and overseas) tenants are amazed we can leave the garage and be parking under a CBD building within 20 minutes most weekdays In Brisbane. This is the cohort happy to rent for $1000-per-week houses.

We are also experiencing a rise in arrivals from Perth. The majority of Perth originals fall into the $700+ per week rental bracket and see better work opportunities in Brisbane.

 

What They Need from Their Property Manager

While we try not to differential our service offering to any prospective tenants – regardless of whether they’re Brisbane locals, interstate arrivals or from overseas – non-local tenants do need a little extra help when looking for a home to rent.

Firstly, they’re often unfamiliar with the nuances of location in our city. As such, we’ll provide prospective tenants with information on school zones, lifestyle hubs, road networks and transport options. Just recently I even arranged for a landlord to speak to their potential Perth-based tenant and answer questions about their rental property and it’s surrounds. The result was a $1100 per week lease signed, sealed and delivered.

Also, most out-of-towners will happily use technology to keep them in the loop. As such, I will arrange for Facetime video inspections of rental properties. Alternatively, comprehensive video and/or photos of a homes can be sent too. Just last month we secured a high-end rental through a Facetime inspection. In fact, the tenant said we were the only local agency willing to do that for them.

And if they can jump on a plane and make it to Brisbane, we’ll move heaven and earth to line up an inspection time that fits their schedule.

The process of applying for a rental in QLD is a little different too. For example, we use the One Form tenancy application throughout QLD whereas as other states don’t. It can be really awkward for an out-of-town tenant to get their head around that new sort of paperwork, so a good property manager will always offer to assist.

In addition, tenancy laws will differ from state to state, so ensuring they fully understand their – and the landlord’s – responsibilities right from the start is imperative.

While technology has made the task of securing a rental from across borders a little easier, there are still unique challenges to be overcome. Fortunately, smart property managers are recognising the opportunities and capitalising on them by ensure out-of-town tenants have the smoothest possible experience when leasing a home in Brisbane.