Call for Qld properties to go on long-term rental market

A CAMPAIGN to encourage Queensland property owners to release their vacant, short-term or holiday let properties onto the long-term rental market has been launched.

The Real Estate Institute of Queensland (REIQ) and Q Shelter have joined forces for the campaign in a bid to alleviate the rental supply issues currently crippling Queensland.

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REIQ CEO, Antonia Mercorella, said there are currently approximately 200,000 properties in Queensland that are either vacant or used for short-term and holiday letting purposes and the campaign is designed to encourage owners of these properties to move them onto the long-term rental market.

“The Queensland rental market was already at historically low vacancy rates leading up to the recent flood crisis. As we have seen, the catastrophic floods have resulted in thousands of rental and owner-occupied properties impacted by the floods, further reducing rental stock.

“At the same time, displaced tenants and owner-occupiers are now hitting the market desperate for alternative accommodation, adding to the already unprecedented demand for long term rental accommodation. It is difficult to see any way that this wave of demand can be met without the support of property owners moving their properties to the long term rental market.”

Q Shelter executive director, Fiona Caniglia, said if the issue goes further the number of people in Queensland facing homelessness will grow significantly “unless we see more properties coming onto the long term rental market”.

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“As people struggle to recover, anyone with appropriate properties can make a significant difference. Every vacant property that can be tenanted could be a home for someone going through the challenge of flood recovery.”

The REIQ and Q Shelter are also calling on the Queensland State Labor Government to ease the path for property owners who wish to place their properties onto the long-term rental market.

“The current State Labor Government could do a lot more to reward property owners who chose to place their property on the long-term rental market, and incentivise property owners to place or return their properties to the long-term rental market,” said Ms Mercorella.

Property owners unsure of whether their property is suitable for such a change can contact their local real estate for advice.

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Ms Mercorella said they are pleading with owners of empty properties or properties let on the short term rental market to consider “the many benefits of bringing those homes and apartments onto the long-term rental markets”.

“This is a crisis, and we need every available property we can find to come into the market. And the real estate industry is here to help”.