WHAT IS THE IMPACT OF COVID-19 ON RENTAL VACANCIES IN GOLD COAST?
The COVID-19 pandemic has forced hundreds of countries across the world to impose lockdowns in an attempt to control the rapid spread of the infection.
The unemployment rate in the country jumps to 6.2% as 600,000 jobs lost because of the COVID -19.
Here is detailed information that will help you to understand the impact of COVID-19 on rental vacancies in Gold Coast. Let’s have a look!
Massive Rent Reduction in Gold Coast Suburbs:
As the COVID-19 crisis has hit the property sector of the country hard, many cities have witnessed a massive reduction in the rent and Gold Coast is possibly the best example for that.
The Verdict of REIQ on Rental Vacancies in the Gold Coast:
The Real Estate Institute of Queensland (REIQ) believes that the price cuts in the rent are the outcome of an adjusting market because hundreds of retail and hospitality workers have lost their jobs.Â
An initiative from the Queensland Government:
Keeping in mind the challenges tenants can face during the COVID-19 pandemic, the Queensland Government has introduced a new law to help the tenants in such a tough time.
As COVID-19 pandemic has made a massive impact on employment, and thousands of people have lost their jobs, paying the rent has become a burden. And this is the reason why there is an increase in rental vacancies.
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