Q) WHAT IS THE RENTAL MARKET LIKE IN SYDNEY AT THE MOMENT?
Every year, Winter brings its challenges, people are hibernating and inspections are not as well attended as the warmer seasons – especially when weekends are wet.
This year, having 1-2 people coming through an open is becoming ‘the norm’ and there is diminishing urgency from prospective tenants. Furthermore, it’s a tenants’ market with offers coming in below the asking rental price along with other tenant-beneficial terms.
So, what can we do about this?
– Keep good tenants if appropriate
– Think carefully about how to approach rent reviews
– Have EXCELLENT marketing: copy-writing, professional photos & floorplans
– Be flexible for open homes & private appointments
– Try and negotiate leases ending in the warmer months (not always possible)
– Listen to feedback – what needs to be improved? Are we asking too much rent?
– Understand the competition – what else is out there now?
– Be realistic on that rental price, hanging out for an extra $20 – $100 p/w could lead to weeks of lost rent. So do a cost-benefit analysis
At Elevate, we have been leasing out properties with the same effect but we are also cognisant that to avoid undue vacancy, some owners are having to readjust their asking price to suit the market