Peard Real Estate vacancy rates drop by over half in most suburbs

The Peard Real Estate Group, which manages over 3,000 residential rental properties in Perth, is reporting a significant fall in vacancy rates each month.

CEO, Peter Peard says that overall, the rental vacancy rates for the company have dropped by one third to 3.07% during the past year because of the tireless work of the expert asset management team.

“We’re focused heavily on creating property management department structure that allows us to not only gain more managements, but to lease those properties to qualified tenants in a timely manner.

“We have an extensive leasing procedure which ensures we are able to match the qualified tenant to the right property as well as an extensive tenancy database which is helping us secure long-term leases.

“Our team of property managers, senior property managers, business development managers and leasing agents have been working tirelessly to bring our vacancy rates below the market average.

The Peard Group currently have ten major offices located throughout Perth and all have reported a decline in their rental vacancy rates. This is an incredible achievement and testament to the hard-working team.

“Some of our offices such as Mandurah in the South and Mindarie in the North of Perth have seen their rental vacancy rate fall by half over the past year.

“Mindarie and Mandurah are two of the toughest markets in Perth and our low vacancy rates in both are a testament to our hardworking team.

“At our Mandurah office, the rental vacancy rate is now just 2.3% and at Mindarie the rental vacancy rate is only 2.0%.

“These rental vacancy rates are much lower than the overall vacancy rate in Perth at 5.3% which also shows signs of decline.

These falling vacancy rates across are positive news for Perth landlords who have endured very high levels of vacancy rates and falling rents over the past two years.

There is now a downward trend in Perth rental vacancy rate because there are fewer properties for rent compared to time last year due to an end in the residential construction boom that his limited the supply of rental properties.

“Our company is very confident about the property management market in Perth and that is why we are now heavily investing in new systems and well as personnel development to provide our clients with the highest level of service”, says Mr Peard.