As the Brisbane rental market grows unrestrainedly with each day, a discredited and seemingly forgotten industry has recently boomed and become an effective source of income amid people in need of flexible hours: the Real Estate oracles.
Mainly searched with questions regarding future rent increases, modern oracles are utilising the classic crystal balls, tarot, palm reading and Google search to provide clients with an approximate answer.
One of the oldest careers in History, oracles and prophets have had an astounding resurging in 2023’s Real Estate market – an age of uncertainty. In Brisbane, where renters are often caught between a rock and a hard place (accepting a rent increase or facing a competitive market), internet sensations such as @n_ostradamus have their schedules fully booked for weeks.
To those who didn’t see this coming and now can’t find an available gyromancer, here is more information:
Foreseeing a rent increase
If you are unsure about your next lease renewal, do not waste an egg trying oomancy at home.
Although ultimately it is up to the property owner to decide whether to increase the rent and by how much, an easy way to predict this is to keep track of the rental market in your area. If properties similar to yours are being rented at a higher price than what you currently pay, this can be a strong display of a market trend and a sign that a rent increase is due.
These ‘market trends’ don’t come only from supply and demand (vacancy rates and voluntary bidding on applications, for example) but also from increases in interest rates that consequently push rent prices up.
Obviously, property owners can’t just shoot for the stars and raise the rent as they please. Every rent increase is previously studied, justified, and as with everything else in the Residential Tenancies and Rooming Accommodation Act, it follows legislation.
Seeking guidance from above
Just like ornithomancy, rent increases must abide by some sacred rules. According to legislation, the rent cannot be increased during a fixed-term lease unless it has been previously outlined in the agreement.
For a periodic lease agreement, the managing party needs to provide tenants with two months’ notice after which the increase automatically takes effect.
As for new leases (the most common), the managing agent does not need to notify the tenant of the increase itself as these details will be outlined in the new agreement, which must be sent two months prior to the end of the current one.
Legislation, however, does not stipulate a limit for the increase to be followed by agents and landlords, meaning tenants can receive monumental price climbs for previously underpriced properties if that follows market tendencies as explained before.
Noticing the demand of the market, 2023 oracles are targeting people with divination packs including love, career and margin of rent increase on the final report.
Defying an implacable fate
Due to the lack of legal restrictions on the amount to be increased, many tenants have faced colossal readjustments which may seem excessive. To their benefit, the RTA declares that any person feeling their rent has taken an unjustified leap over two agreements has the right to dispute it.
If doing so, comparable properties (in location, size and condition) on the market should be provided to explain the readjustment or its excess, bringing us full circle to foreseeing an increase.
Ahead of the curve, many Brisbane-based clairvoyants have set up their businesses and started trading months ago, building a local following before the Real Estate market boomed. According to regular customers, new clients can avoid ‘charlatans’ and identify the genuine ones by their fixed-price, 2+ years lease agreements hanging on the walls.
When your rental property is due for an increase, it is important to have a knowledgeable team to make sure everything runs smoothly. At Odyssey Property Concierge, our highly experienced team works with smaller portfolios per agent, allowing our Property Managers to dedicate more time to resolving such problems.
