Coronis records vacancy rate decrease, while industry rate soars
Coronis’ property managers have significantly bucked the trend in April, by decreasing their portfolio’s vacancy rate by 0.1%, while Brisbane’s vacancy rate soared by 0.8%.
According to Domain’s Research House, Brisbane, who’s vacancy rate rose to 2.9% in April now has the third highest vacancy rate in the country, behind Sydney at 3.9% and Darwin at 3.5%.
Coronis Property Management Director Jodi Ford said the significant rise in April was due to the impact from the COVID19 pandemic.
“Domain has reported that an additional 2352 vacant properties entered the market in April which can be attributed to several things including AirBNB owners moving their short term / holiday rentals into the long term market, owners choosing to rent out their property instead of selling and of course tenants who have had to break their lease,” Ms Ford said.
“However, our team has been working extremely hard, seven days a week, to minimize our vacancies which has resulted in our portfolio vacancy rate actually declining to just 0.7%, which is well below the industry average of 2.9%.
“We’re doing everything in our power to advertise our properties as soon as the tenant notifies us they are leaving, we’re monitoring all market activity very closely so we correctly price each property to generate tenant enquiries and we’ve opened up our property managers availability so tenants can book in and inspect properties when they want, not at one set time unlike other agencies.
“As we manage more than 7000 properties, we have one of the largest tenancy databases in the state so we’ve really utilized that in the past three months to promote our vacant properties and get them rented quickly so that we can minimize any financial losses for our landlords.
“We know our landlord’s greatest fear is a vacant investment property and the financial burden that that causes them, so we’ve pivoted our strategy and team’s focus to avoid that wherever possible.
“As of this week, we have a vacancy rate of less than 0.6% across our portfolio which spans from the Gold Coast to Toowoomba and the Sunshine Coast and all of Brisbane which is something I am very proud of.”