Landlords are raising prices, with the supply and demand principle working in their favour.

LJ Hooker’s Allan Cruickshanks said there had been a lot of rental pressure for quite a few years now, but since Christmas there had been an unprecedented demand for rent properties.

He said agents cannot keep up with the demand and there is a great opportunity for any astute investors to cash in on what is a sure-fire income return.

“Ever since the first week of the New Year, we were virtually cleaned out,” he said.

“We rented out seven properties between the Monday and Wednesday, and we only have two left.”

He said the growth in the mining industry and the Hunter in general continues to generates demand, but Singleton was not able to keep up with supply.

“Across the board there is inquiry for everything, for families, single people, everything,” he said.

“We are urging the mum and dad investors to buy a property, and cash in on the high rental demand.”

Mr Cruickshanks said the problem of not enough rental properties was exacerbated by a lack of available residential land in Singleton, and the lack of land meant Singleton was missing out on opportunity for growth.

“People are heading to Muswellbrook and Maitland because we haven’t got land here, and Branxton,” he said.

“In Muswellbrook there are three or four different developers and as a buyer you can head north, south, east or west.”

Mr Cruickshanks believes the monopoly on the market, through Singleton Council’s landbank, is leading to a lack of competition in Singleton and a shortage of supply.

“Land is not coming out quick enough to satisfy demand,” he said.

“In Maitland I wouldn’t like to guess the amount of competition among developers and the amount of choice for the consumer.”

He said that the Singleton Council joint venture Bridgman Ridge was moving too slowly and the proposed residential development Hunter Green on Pioneer Road was being held up because of this.

“Hunter Green is too difficult, Council needs to think about getting some services down Pioneer Road, because as it is, no one will touch it... it’s just not viable,” he said.