Back in April this year, the inner Sydney vacancy rate was falling as people returned to the city for work and study, which created a surge in demand for rental properties.
Fast forward to now and the Real Estate Institute of New South Wales’ June 2017 Vacancy Rate Survey reports the inner Sydney vacancy rate is back up to 2.2 per cent after a jump of 0.3 per cent.
Today, there are more people renting for longer periods than ever before. As property prices continue to rise, fewer people can afford to buy, which creates a large pool of long-term renters.
With more people renting for longer periods, it’s inevitable that landlords and property managers will encounter more problem tenants.
Thorough and proper tenant screening helps to stamp out problem tenants.
Whether you own one rental property or several, the key to a smooth EOYF is organisation. No property investor wants to pay their tax accountant to sift through a shoebox full of receipts.
Get organised, and give your accountant a well prepared financial record and summary of any expenses. If you misplace a receipt or invoice, the ATO allows you to substantiate your claims with a bank statement. This preparation will cut down on their time and also your bill.
But before property investors prepare their records and get their receipts in order, they first need to know what they can claim as an expense.
While finding a tenant for your rental property is about marketing your property to the right demographic, securing the right tenant for your investment is about thorough tenant screening and reference checking.
