Short-term rentals and rising unemployment push vacancy rates higher

first_imgRental vacancy rates are rising.Rental market vacancy rates rose last month, hitting properties in inner-city areas and holiday localities hardest.According to SQM Research, a market analyst, the national rental vacancy rate recorded a large jump from 2 per cent in March to 2.6 per cent in April.In Brisbane, vacancies rose from 2.1 per cent in March to 2.8 per cent in April, with the total number of vacancies reaching 9,555, up from 7,299. Property analysts say rising unemployment combined with a drop-off in international students and overseas migrants in the wake of COVID-19 restrictions have contributed to the rise.The shutdown of Australia’s tourism industry has led to a surge of short-term holiday rentals onto the long-term rental market, also impacting vacancy rates. However, economists maintain the rental market is strong enough to withstand short-term fluctuations. Economic stimulus combined with an easing of restrictions will also allow Queenslanders to book overnight accommodation from June 12, which will help to keep the rental market stable. Real Estate Institute of Queensland CEO Antonia Mercorella said there was more movement in areas reliant on tourism lettings.Year-on-year an upward trend on vacancy rates continues, with the national average coming in 3 per cent higher in April than at the same time last year.Louis Christopher, the managing director at SQM Research, said the one-month jump as one of the largest rises ever recorded. “The blowout in rental vacancy rates for the major CBDs suggests a mass exodus of tenants occurred over the course of March and April. This may be attributed to the significant loss in employment in these areas plus the drop-off in international students.” Real Estate Institute of Queensland director Antonia Mercorella said Brisbane’s rental market was in a fairly healthy state but some regional areas were hurting more than others. “Beyond Brisbane there has been movement within those regions more dependent on tourism letting, such as the Gold Coast and Noosa, where vacancy rates have had a more pronounced increase,” Ms Mercorella said. “This was to be expected with short-term rentals shifting onto the long-term rental market, creating higher rental inventory.”Meanwhile, Simon Pressley, the head of research at Propertyology, a market analyst, said landlords were suffering in areas of Brisbane reliant on student accommodation and tourism. More from newsParks and wildlife the new lust-haves post coronavirus9 hours agoNoosa’s best beachfront penthouse is about to hit the market9 hours agoPRD Realty chief economist Asti Mardiasmo says a resilient market should see it through the fluctuations.Mr Christopher said that if the trend for vacancy rate rises continued, a drop in asking rents could follow, which was good news for tenants, but not for landlords.National combined rents are recording a 12 month decrease of 3.1 per cent. The average rental asking price on a house in Brisbane this week is down by 0.2 per cent on the same time last year, however, asking prices for units are up 1 per cent.While some anticipate this will lead to a mass exodus of investors from the market, Ms Mercorella said there were little signs of it at present.“The Brisbane market isn’t showing any indications of properties hitting the market en masse, particularly rental properties. While individual investor’s circumstances may see some making the decision to sell based on their financial and/or personal circumstances, with the market exhibiting relative stability as we navigate this pandemic, we anticipate a stable rental sector.”PRD Realty chief economist, Dr Asti Mardiasmo, said the rental market’s strength pre-COVID-19 would help it withstand the current short-term fluctuations, but areas reliant on tourism and education would feel the impact more strongly.last_img read more

Decatur County resident arrested for threatening law enforcement

first_imgGreensburg, In. — For the second time this year a Decatur County resident has been arrested for threatening law enforcement officers. Terry Cripe, 53, allegedly made threats to police that led to the search and arrest.Cripe is being held in the Decatur County Detention Center.Sheriff David Durant said, “This is what happens when you make threats to Law Enforcement.  We will respond swiftly to ensure the safety of the citizens of Decatur County. Simply put, this behavior won’t be tolerated. “A Sandusky man was arrested in March for similar charges.last_img

Real estate professional elected as trustee

first_imgStephanie Argyros, a 1992 USC alumna and real estate professional, was recently elected to the USC Board of Trustees. Argyros is a board member of the Children’s Hospital of Orange County and the Orangewood Foundation in Orange County. (Photo from USC News)The Board of Trustees recently elected alumna and real estate professional Stephanie Argyros as its newest member. Argyros, who graduated from USC in 1992 with a bachelor’s degree in communication, is also a member of the USC President’s Leadership Council and the Keck School of Medicine of USC’s Board of Overseers. “My favorite thing about USC is its strong sense of family,” Argyros told USC News. “I’m so proud to be a Trojan and incredibly honored to join the USC Board of Trustees.”Along with her position as principal at Arnel, a Costa Mesa-based real estate firm that oversees several properties, Argyros serves as a director of the Argyros Family Foundation. The foundation helped fund USC’s renovation of the Los Angeles Memorial Coliseum’s peristyle and surrounding plaza with a $7.5 million gift in January 2018, according to USC News.As a board member for the Children’s Hospital of Orange County and the Orangewood Foundation, which helps current and former foster children in Orange County, Argyros also an advocate of children’s health, well-being and education initiatives. “I’m looking forward to getting involved and giving back to the Trojan Family, especially through its support and mentorship programs for youth,” Argyros said to USC News. Argyros has also volunteered with Operation Smile, a nonprofit that provides free dental and facial surgeries to children in developing countries, and is a co-chair for WE Day California, an education initiative that encourages young people to be involved in public service and volunteerism.Interim President Wanda Austin told USC News that she believes Argyros’ public service background will make her a good addition to the Board. “Not only is Stephanie Argyros a highly regarded leader in her profession and a great Trojan, she is a dedicated community volunteer,” Austin told USC News. “Her commitment to ensuring children are healthy, happy and empowered to realize their dreams shines through in all her work … We very much look forward to her insight and contributions.”last_img read more