‍That's a wrap on 2022!‍

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As we wave goodbye to another year passed, it’s the perfect time for all of us to take a look back and reflect. It's a time here at RentBetter when we as a team review all our achievements from the past year and acknowledge where their hard work has taken us. 

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We’re really proud of everything that we've been able to accomplish together in 2022. Next year is going to be even bigger and better as we continue to grow and provide you with even more tools and services that help make managing your property easier. 

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Stay tuned for more great things from us in 2023 but now, let’s take a look at our 2022 wrap-up. 

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2022 - The Highlights.

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Looking back on the year, we wanted to share some of our highlights and wins. There was a lot to celebrate in 2022 and we were able to deliver some really great new features. 

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At the beginning of the year, we were really excited to announce that we received new funding to allow us to continue on our growth trajectory. It was an important milestone for us and we wanted to thank you, our loyal customers to continue to support us on our journey. 

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In August you would have noticed a few changes to how RentBetter looks. We said goodbye to the ‘old’ RentBetter logo and colours and brought our new brand to life. A lot of hard work went into it and we’re very grateful for all the positive feedback we received.

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One of our biggest achievements for the year has been the launch of the Marketplace with a number of partners and partnerships added that are there to help you do everything that you need for your property and tenancy.

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You can now book a Condition Report, schedule a Property Viewing, get Landlord Insurance, find Utility providers plus much more, all in one place. ‍

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Check out all the services offered on Marketplace here. 

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We are also in the process of making some exciting new changes to the platform which you start to see over the year in 2023. We kicked things off this year with some big updates to the Applications and Enquiries features to make it easier for you to view them and take action, making getting a tenant in your property even more seamless and faster than ever before. 

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2023 - The Outlook.

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The past couple of years has been a time of exceptional change for the housing market in Australia, with the effects of the pandemic and record-low interest rates combining to change consumer preferences. Australia's economy is now being challenged by high inflation and rapid rate rises that are straining household budgets.

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According to data from the REA group, property prices fell by 1.9% over the first 11 months of the year. 

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As inflation continued to rise, interest rates increased from 0.1% in May to 3.1% in December. This put a lot of pressure on many property owners with a number of investors exiting the market and as a knock-on effect, rents began to rise with demand outweighing supply.  

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Over the first 11 months of 2022 rents increased by 6.7%. The reopening of international borders also contributed to the increase as demand for rental properties escalated further. Rental vacancy rates are now at historic lows across the country. 

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Looking back on it, it sounds like a bit of doom and gloom but it’s not all bad and 2023 is looking a bit brighter. There is always going to be strong demand for properties inside the capital cities and it's expected that rents will remain at the highs we see now. 

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In terms of regional areas in Australia, rents are expected to ease a little more with people making moves back to capital cities. 

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Overall, market conditions are expected to improve in the long term as house prices decline, interest rates stabilise, and wages rise. Additionally, this means that we should see more investors return to the market, increasing rental availability.

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When there is so much pressure on the cost of living, now is a great time to look for ways to reduce your investment costs. To learn more about how RentBetter can help you manage your property, please get in touch with us and we'd be happy to go through some of the benefits that can help ease the pressure. 

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A message from RentBetter.

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That's all from us for now. From all the team here at RentBetter, we wish you and your families a very happy holiday period, and we hope you all stay safe. 

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We sincerely appreciate the trust and confidence you have in us to help you manage your property - thank you so much for all your support, and we hope to continue to help you through 2023 and beyond!

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Click below to see a message from RentBetter CEO, Jeremy Goldschmidt: 

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