A word from Philip Webb

A word from Philip Webb

Summer is typically the busiest time of year for Philip Webb’s Property Management team, often referred to as the “spring” of Melbourne’s rental market. Once the Christmas rush has wrapped up, January and February are two of the quieter months for most people, making it the perfect time to pack up, move house and settle in before life picks back up again.

We are now three weeks into 2022, and the rapid spread of the Omicron variant is causing significant staff shortages across the city. As Melbourne approaches a peak in infection rates, property management, like all industries, is under the pump during a period that already requires all hands on deck. High numbers of infected tenants have meant many are unable to vacate premises at the end of a lease and property managers haven’t been able to conduct routine inspections.

So, will Omicron have a lasting impact on Melbourne’s rental market?

In short, no. Despite property managers being under the pump at the moment, we are still seeing great numbers at inspections, and properties are continuing to lease well off the back of 2021.

Median house rents in Melbourne jumped by 3.5 per cent, or $15 per week, over the December quarter, according to Domain’s December 2021 Rental Report. The median currently sits at $445, and with the return of international students this year and an increase in interstate movement, I predict rents in Melbourne will continue to rise in 2022.

If you’re looking for your dream rental or want to more information on what to expect as a residential rental provider in 2022, give us a call.