Vacancyratesplummetto1%

"This is a significant drop for the Stonnington area,” Ms Cagalj said. Homes are attracting large groups at open inspections and many are er the first visit, Ms Cagalj said.

dian rent price has seen a 177 per cent rise to $644 for .7 per cent rise to $501 for units in the months since ccording to SQM Research Modern and well-maintained hly sought after, particularly those priced from $350 to are drawing multiple offers and snapped up within days demand for larger updated family homes priced from per week, especially in Toorak, Armadale and South y are in low supply. are benefitting from continued tenancies and with rent negotiating new leases at higher rates further reducing . To ensure the maximum return on investment, Ms Cagalj oviders to ensure their properties are well presented and larly the fittings, appliances, floor and window coverings, arden landscaping

“Renters are paying a premium for homes that are renovated, low-maintenance and near amenities,” she said.

Ms Cagalj’s advice to those wanting to rent in this highly competitive market is to do their homework and consider adjusting their expectations

“To increase your chances, you may have to compromise on location or extend your search to surrounding suburbs,” she said.

“You need to be flexible in all areas, including the features of the home, such as a study, second bathroom or garage.”

To successfully secure a property and avoid delays, application forms have to be fully completed and up to date, ID checks done, references in order and work emails provided TaylahCagalj

Anything extra that you can give us will help, including telling us why you are looking to rent and why you would make a great tenant,” Ms Cagalj said.

“Put your best foot forward, introduce yourselves to agents at opens and make yourselves known” The team at RT Edgar offers landlords and tenants vast industry knowledge and experience, according to Head of Property Management Darren Pearce. “We understand the market and can assist with all aspects of rental management, including new legislation.”

Mr Pearce expects the buoyant rental market across Stonnington to power through the coming months, while there is a limited supply of rental properties in the area.

Taylah is an area specialist in property management and can provide valuable information to both investors and renters.