Property Management's market update for December

December was a great finish to a challenging and successful year at Toop&Toop Property Management.

Our Property Managers received over 245 applications and leased 36 properties in the lead up to Christmas. These numbers were evidence of the strength of Adelaide's highly competitive rental market.Our open home attendances remained steady with 381 groups for the month, showing that Toop&Toop's high-quality rentals were in demand coming into 2021.

Toop&Toop's most popular rental locations in December were Hilton with 228 enquiries, Marion (106) and Plympton (94). The average rental amount was $507 per week in comparison to December 2019's $491 per week.

"There was a lot of interest in properties leasing from $200-$400 per week in the southern suburbs," Toop&Toop Leasing and Marketing Coordinator Amy Bland said.

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"These properties received many enquiries and had strong attendance levels at open inspections.

"High-end, executive properties were also in high demand due to interstate relocations for work and family reasons. Driving this demand were tenants seeking to be situated in popular school catchment areas."

Apartments received the lowest level of interest in comparison to houses, units and townhouse homes. This is expected to increase when international university students are permitted to travel back to Adelaide.

The December report from property analyst CoreLogic showed that Adelaide's rental rates grew 3.2 per cent. Adelaide's gross rental yield also increased to 4.3 per cent coming into 2021.

Moreover, Toop&Toop landlords saved $2300 in maintenance and call out fees through our ToopHome app in December.

"Adelaide's vacancy rate still remains low and there is a strong demand for rental properties throughout the city," Amy said.

"We are receiving record numbers of enquiries and attracting strong attendance at open inspections.

"I expect to see more of this activity as 2021 continues."

Toop&Toop