With real estate prices in the Lakes Entrance/Metung area continually increasing, many investors are cashing in which is putting considerable pressure on the rental market.
Last November the Lakes Post reported the rental market is as tight as it has ever been with supply nowhere near meeting demand, and eight months later the crisis has deepened even further.
LJ Hooker property manager, Ryan Hooper, believes that the shortage of rentals is quite connected to the sales market.
“Many rental properties are being sold, with higher prices being received,” he said.
“There are still a lot of people moving to the area looking to purchase or rent a home due to the COVID situation which has made them realise they can work from home.”
The strong demand has seen rental prices rising and this is pricing some out of the market.
IMAGE: Susan Smethurst, from Caravilla Caravan Park, will be developing more permanent cabins for those in need of renting. (PS)
