PIA Property Management Department presents their May 2024 Achievement Snapshot, outlining PIA performance on vacancy rates, leasing activities, and rent achievements across suburbs. Once again, the results have surpassed industry expectations. Here's a summary of PIA performance and key highlights.

Vacancy Rates

May kicks off a quiet winter period in Australian rental property market as usual. An average vacancy rate reported by SQM Research is 1.40% in May, higher than April's.  However, PIA achieved a remarkable and outperforming 1.10% average vacancy rate . This lower vacancy rate showcases effectiveness of PIA’s property management and leasing performance.

Top 10 Postcodes - Vacancy Rates Comparison

These figures underscore PIA's success in maintaining low vacancy rates across various locations, ensuring minimal downtime between tenants for property owners.

Leasing Activity

Substantial leasing activity conducted in May, our team completed 1440 leasing inspections, averaging around 47 inspections daily, doubled compared to  April inspection volume. 129 properties successfully leased, nearly 54.6% leased while still are tenanted . This once again attributed to efficiency and effectiveness of our leasing operations backed by advanced system and technology, staff dedication, and proficiency in matching tenants with available properties.

Tenant Database and Management Scale

PIA boasts a robust tenant database of over 25,000 and manages thousands of properties. This extensive network and scale of operations provide a significant advantage in terms of market research and tenant placement, ensuring optimal occupancy rates for property owners.

Rent Achievements

The report brings insights into the rent achieved for various suburbs, categorized by bed type. Here are some highlights:

Figures in above table reflect the rent range for different bed types across various suburbs, offering property owners and investors a clear picture of current market rates.

Exceptional Customer Feedback

As of May 2024, the PIA Property Management team has received 837 5-Star Google reviews. This stellar rating signals high customer satisfaction and their trust in PIA's services.

Conclusion

PIA Property Management Department's May 2024 snapshot exhibits strong performance in maintaining low vacancy rates, active leasing operations, and achieving competitive rents across Sydney metropolitan suburbs. regardless it is now a winter rental market.

For property owners and investors, staying updated on market trends and utilizing expert management services like PIA will significantly boost property value and rental income. As we continue into 2024, monitoring these metrics will be vital for making informed investment decisions.

If you're interested in Australian real estate, want to understand the current state of Australian property management, or are considering entrusting your property to PIA for management, please follow PIA’s social account and feel free to contact us. We will arrange for a seasoned manager to assist you.