You’ve carried out some minor alterations or renovations, and you’re now wondering how long you can expect to be waiting for the right tenant? But, in today’s market conditions, there are other, more important questions you should be asking yourself first:
- When did you last upgrade your appliances?
- Do you know the current vacancy rate in your location?
- What comments, positive and negative, are viewers making about your rental property?
- What is the feedback and advice from your managing agent?
- Is the rental fee you’re asking for competitive with similar properties in the area?
- Have you reviewed your advertising to ensure best possible presentation of your property?
- How pro-active is your agent in marketing the property and finding tenants?
Answering these questions will help you understand the current state of the rental market in your specific area.
Right now we’re in a very unusual 2-speed rental property market. House rents have quickly bounced back and are again reaching record high fees. Unit rents, having fallen sharply, remain depressed in comparison to the returns previously enjoyed.
There are two glaringly obvious reasons for the disparity – covid and over-supply. Around the same time that covid struck in early 2020, the unit rental market was already starting to feel the negative effects of a glut of new developments becoming available. The combined effect of pandemic and rapid development has dramatically changed the scope of the rental market, not just in Sydney, but across Australia.
I’ve been in property management for many years and haven’t encountered a market like this since 2001 when, shortly after the Sydney Olympics, close to 20,000 properties were suddenly available for lease in the metropolitan area.
Owning a rental property can be tough, yet Stills Properties continues to successfully find good quality tenants to lease our properties. For us it comes down to understanding the market, our clients and what your competitors are doing to lease their properties – and that’s where our years of experience pays off for you.
We bring a tried and tested professional set of tools to the rental process, combined with a lot of hard work and plenty of determination. Finding your ideal tenant requires good exposure and marketing – things you and your managing agent need to be thinking about.
If you want your investment property rented quickly, contact Brigitte Stills at Stills Properties on 0419 426 038 – don’t waste another week waiting and wondering, call today.