Renters data pointing towards positive

ASX-listed residential leasing portal Rent.com.au says a recent surge in the number of renters getting ready to move is indicative of the increasing optimism in property circles that Australia is past the worst of the coronavirus pandemic.

Rent.com.au said this week that more than 800,000 people had created renter resumes on its platform since its launch three and a half years ago.

Chief executive Greg Bader said renter resume creation plunged in mid-March, as the COVID-19 outbreak shook property markets across the country, but had rebounded significantly since then.

“As Australia has had success in flattening the curve and restrictions ease, we are seeing renters start considering their next move and resume creation rates are improving towards where we expect,” Mr Bader said. 

Mr Bader said Rent.com.au had also experienced some of its best-ever results for its RentCheck tenant identity verification product, with renters again looking for new homes.

“The increase in RentCheck serves as an early indicator and gives us great confidence that the market is opening up again,” he said.

“We’ve learned that 60 per cent of renters have been adversely affected by COVID-19, so it is clear that they are making extra sure that they present their rental application as positively as possible.”

While Rent.com.au maintained its previous guidance that revenue growth in the June quarter was unlikely, its forecasts were now trending towards positive.

“Better than previously forecast revenue, continued focus on costs, and support from both federal and state governments has helped us maintain our trajectory towards profitability and we remain optimistic about delivering on the expectations of our shareholders, as well as being able to change the renting market for the better,” Mr Bader said.