End-of-Year Property Management Wrap

Reflecting with Gratitude on 2024 

As we wrap up 2024, it’s the perfect time to reflect on a dynamic and challenging year in the rental market. We also want to express our heartfelt gratitude to both our valued rental providers and renters. Your trust and collaboration have been the foundation of our success. Together, we navigated a shifting rental landscape, overcame challenges and achieved significant milestones, including leasing over 1,200 properties. 

The Rental Market in 2024 

This year, the rental market underwent considerable change. Early in the year, high demand and rising rental prices dominated headlines. However, the market began to stabilise as the year progressed. Apartments proved particularly popular, appealing to renters drawn by the convenience of urban living. Executive homes and premium properties also saw increased interest, driven by demand for well-appointed living spaces featuring modern amenities like updated finishes and swimming pools. 

While some segments thrived, mid-range properties - particularly those in the $1,000–$1,500 range - faced slower leasing activity, particularly if they lacked contemporary features. This reinforced the importance of keeping properties well-maintained and aligned with renters’ evolving preferences. 

The ongoing rental crisis added to the complexity, placing significant pressure on both renters and property managers. This environment brought the best out of our team as we worked tirelessly to meet the needs of all parties while ensuring we maintained our high standards of service. 

Additionally, investor activity played a key role in shaping the market this year. Reports suggest that up to 40% of sellers were investors, leading to a decrease in rental property availability. Some investors exited the market entirely, further tightening rental supply. In response, there has been an increased focus on longer leases, providing greater stability for both renters and rental providers. 

Despite these challenges, we are proud to report that the average days on the market for our properties dropped significantly this year - a testament to our team’s dedication, expertise, and proactive approach. 

Looking Ahead to 2025 

The rental market is expected to continue evolving. Properties that are well-presented, competitively priced, and aligned with renter preferences will stand out in what remains a selective market. Demand for well-maintained homes with added conveniences, such as garden and pool maintenance, is stronger than ever. 

Affordable one-bedroom apartments remain a high-demand yet undersupplied segment, presenting a strategic opportunity for investors. Families and professionals are increasingly prioritising quality and upkeep, shaping the leasing trends for the year ahead. 

Proactive planning and close collaboration with a dedicated property management team will be essential in 2025. By staying ahead of market changes and aligning with evolving preferences, rental providers can position their properties for success. 

Preparing for Market Changes 

With proposed rental regulation changes set to take effect in 2025, preparation will be key. Our team is dedicated to ensuring our clients are informed and ready, making this transition as seamless as possible. 

A Heartfelt Thank You 

We sincerely thank all our rental providers and renters for a fantastic 2024. It’s been a pleasure working together to lease exceptional properties and build lasting relationships.  

The positive feedback and reviews we’ve received throughout the year inspire us to continue setting higher standards in property management. We are excited about what the future holds and look forward to supporting you in 2025 and beyond. 

If you have any questions or need assistance, please don’t hesitate to reach out.