Some really good news! Currently earning $230 per week for my 1 bed Dia.nella unit. Lease ends in July & tenant told PM she might move out. In January she was very unhappy with the $10 increase.
Anyway. The other week another renovated unit in my complex asked for $280 per week & got it! So I'm hoping the benchmark has moved & I will be able to get a similar amount. I actually have more cupboard space in the kitchen than the other unit. Both of the units have a renovated kitchen however bathrooms are unrenovated. Also another unit which is unrenovated are asking $250. It'll be interesting to see what happens with that one!
My tenant will have a fit when I up the rent to $280. She can move out if she is not happy as I doubt I'll have troubles letting it! Perths vacancy rate is low ATM & will have no trouble tenanting it. I'll also be able to pick & choose who I want. She has been a good tenant but there will be many more out there that will be suitable. I'll be advertising at market rent. Moving with the times. Its too bad my Highgate propertys lease isn't up for renewal in July too as I'd be able to up that one from $320 to high $300's that is how fast Perth rentals are moving.
So of I can get $280 per week that will put it closer to neutrally geared. The rent will actually pretty much cover the repayments. Probably not the other expenses though ATM. That will come when I am able to get about low $300's most likely. It'll probably cost just a couple of grand per year after I get my tax return back!! Woohooo I hope I get the $280. That would be awesome!!!
Hows everyone else going with rent increases??
Anyway. The other week another renovated unit in my complex asked for $280 per week & got it! So I'm hoping the benchmark has moved & I will be able to get a similar amount. I actually have more cupboard space in the kitchen than the other unit. Both of the units have a renovated kitchen however bathrooms are unrenovated. Also another unit which is unrenovated are asking $250. It'll be interesting to see what happens with that one!
My tenant will have a fit when I up the rent to $280. She can move out if she is not happy as I doubt I'll have troubles letting it! Perths vacancy rate is low ATM & will have no trouble tenanting it. I'll also be able to pick & choose who I want. She has been a good tenant but there will be many more out there that will be suitable. I'll be advertising at market rent. Moving with the times. Its too bad my Highgate propertys lease isn't up for renewal in July too as I'd be able to up that one from $320 to high $300's that is how fast Perth rentals are moving.
So of I can get $280 per week that will put it closer to neutrally geared. The rent will actually pretty much cover the repayments. Probably not the other expenses though ATM. That will come when I am able to get about low $300's most likely. It'll probably cost just a couple of grand per year after I get my tax return back!! Woohooo I hope I get the $280. That would be awesome!!!
Hows everyone else going with rent increases??