Impeccable presentation, appealing home improvements and ‘on point’ pricing have never been more crucial, as rising vacancy rates in Canberra give tenants more choice.

Latest data collated by SQM Research shows Canberra’s vacancy rate is currently 1.9% – one of the highest rates in recent years.

This year, the vacancy rate surged from 1.6% in January to a peak of 2.1% in June, before dipping slightly to 1.9% in August.

MARQ New Client Consultant Lucy Crouch said vacancy rates had almost doubled from 1.0% compared to the same time last year.

“We are currently experiencing our highest vacancy rate in years,” Lucy said. “That means there are more properties online and less demand due to market uncertainty and cost of living pressures.

“For tenants, there is a lot of choice. So, with this in mind, it’s crucial that property owners do all they can to attract great tenants and that means creating rentals that appeal.”

Beautifully presented, well-maintained and conveniently located homes always in demand. But owners and property managers can also work collaboratively to further boost appeal through marketing, accurate price positioning, incentives and thorough tenant screening processes.

“For landlords, now more than ever it is important to be on point with presentation and pricing to ensure you attract interest in your property.

“Angling a rental towards different sectors of the market – from families to professionals and possibly students – will also widen the potential pool of applicants and your increase the prospects of securing good tenants.”

Lucy said investors and landlords should not be deterred by the high vacancy rate, remembering that owning investment properties is usually a long-term proposition and enduring all aspects of the property cycle was part of the experience.