Changes in tenancies in the past 21 days. home > Uncategorized > Changes in tenancies in the past 21 days.

In the past 21 days while we have been working from home, we at Z Property international have still been offering properties for rent varying from 1 and 2 bedroom apartments in the CBD, Southbank to Box Hill. Like others, we noticed that vacant properties were becoming harder to lease and 2 weeks ago we began to have discussions with our landlords the possibility of offering them furnished, as previous properties we had prior the Covid19 has easily been leased. The government then instructed that only vacant properties could be shown to potential tenants during this crisis, which made it difficult to show properties nearing their end of lease while tenants remained in the property became a no-go.

We now had properties fully furnished and while we expected to be a little idle while this lockdown was in place, we didn’t expect to inundated by people wishing to inspect these properties.

Discussions with potential tenants later indicated that they were all mostly students living in student accommodation and they felt that while most were taking the lockdown seriously, many were not. They believed that the best for them was to secure a rental elsewhere to keep themselves safe and the risk was minimised. The fully furnished apartments served them perfectly. Other landlords who had properties with other companies then asked us to manage and furnish them as they had been vacant for too long.

The other interesting discussions with landlords had been the companies that had promised a fixed rental guarantee for several years, had just shut their doors and declared bankrupt, while some B&B companies rentals were non existent, while the lockdown is in place. We had in one case, asked to find a full year tenancy for his 7 apartments now vacant, previously occupied by B&B.

Stay safe during these times and take cautions when out and we will all get to the other side of this still holding well tenanted properties.