In 2014, AEP completed a boutique complex of 7 units in Brisbane’s exclusive north side suburb of Clayfield.
At the time the rental market was, unfortunately, far from ideal.
A slower time of the year, coincided with several other larger projects completing at the same time, resulted in a lack of public interest in rental of properties and ultimately, an elevated vacancy rate in the area.
With renting any new property, your first tenant is always the hardest to find. Often you are competing with several dwellings in one development all offering the same conveniences, thus your tenant has choice and leverage to strategise with.
Fortunately, this was not something AEP’s client’s experienced.
All 7 properties in the building were leased in only a 3 week campaign, and for a premium market price.
Local property manager, Image Property, attribute this to AEP’s boutique approach– spatially considerate floorplans, superior quality of finish, and intelligent architectural and interior design.
Tenants flocked for the higher quality offering in the market, while other properties in larger developments continued to sit vacant.