Hi all
My 2nd duplex has now been let at 300p/w, took a little over 2 weeks but all good in the end.
My 2nd duplex has now been let at 300p/w, took a little over 2 weeks but all good in the end.
Has the rental market cooled?
- Thread starter WBG Redcliffe
- Start date
During my advertising I had calls from 4 parties who had 6 in the family. I was advertising 3br duplex.
After talking with them it became obvious that there is very few large older style homes to accommodate this market.
They were stuck and my duplex while not big enough would have done.
After talking with them it became obvious that there is very few large older style homes to accommodate this market.
They were stuck and my duplex while not big enough would have done.
I have a vacancy in Ipswich for $200pw. Been in the newspaper via LJ Hooker for two weekends now. No applications as yet.
I had tenant give notice in Cairns and it was relet before tenant moved out. Rent $165 a week which is the lower end for the area.
Seems to be a low vacancy rate in residential in Cairns.
I have an office vacant and cannot get any enquiries, it has now been vacant for 3 months
I have renovated it and put in split system aircons, so far lost a year's rent!!
The returns for commercial need to be a lot higher than residential to cover the vacant periods!!!!
Chris
Seems to be a low vacancy rate in residential in Cairns.
I have an office vacant and cannot get any enquiries, it has now been vacant for 3 months
I have renovated it and put in split system aircons, so far lost a year's rent!!The returns for commercial need to be a lot higher than residential to cover the vacant periods!!!!
Chris
wow - i rented a 3 bed, very ordinary house a month ago for $260 and took less than a week. didn't even make the papers. and only this week relet a one bedroom half house for $180, again without even making the papers.
middle ring newcastle must be hot ...
Seems a bit different from what we experienced early August - our place was listed on re.com for 2 days before applications started coming in - 3br in Raceview at $270pw. PM stated had several applications to consider?
Maybe it has cooled out there?
Must have just been approaching school holidays or something. Got new tenants now.
We have just spent nearly three weeks freshening up a basic brick, 3 bedroom house that had been left pretty dirty by the tenants who have left after four years. Nothing that sugar soap and elbow grease would not fix (and two professional cleaners for four hours each which the tenants bond will be paying for).
We pulled out the 1950s built ins and put in big opening doors and fresh paint and melamine floors etc. Looks fresh and ready to go.
After hearing how rentals are tight we were interested to have only one reply from Saturday's Courier Mail ad and one local tyre kicker who called from a sign we put on the verandah. This is in Balmoral, close to plenty of desirable lifestyle places.
We had a call from Saturday's Courier Mail from a local rental agency (not attached to a RE agency) and they called around, took photos, put it on the net the same day and send a prospective tenant over last night. Pretty impressive, especially as they knew my parents will not give them management. But easy money for them. Send us a prospective tenant and get one week's rent for that. I think they will do the forms but don't care as these tenants are "keepers".
I plan to do this next time, as giving "one off" find us a tenant for a week arrangements have failed dismally in the past with the big chains. This lot was pretty impressive really.
This couple have been looking for weeks under $400 but nothing was suitable. I gathered cleanliness and general condition was an issue in a lot of places they had rejected.
The said they decided to look over $400 per week and this house is the best they have seen and then are keen to take it. We are keen to take them, so all is good.
Rent is $440, basic (very clean and fresh) three built in bedroom house with huge under house area that previous tenants used as big rumpus room, though it is not properly built in. We put in a new huge paved area with 5m x 5m shade sail so it looks good and attractive, but we certainly were not swamped with enquiries, probably because of the price.
I find it interesting that after very little interest, these people snapped it up in an instant. No queues of people wanting to rent it, like we see on the news.
Wylie
We pulled out the 1950s built ins and put in big opening doors and fresh paint and melamine floors etc. Looks fresh and ready to go.
After hearing how rentals are tight we were interested to have only one reply from Saturday's Courier Mail ad and one local tyre kicker who called from a sign we put on the verandah. This is in Balmoral, close to plenty of desirable lifestyle places.
We had a call from Saturday's Courier Mail from a local rental agency (not attached to a RE agency) and they called around, took photos, put it on the net the same day and send a prospective tenant over last night. Pretty impressive, especially as they knew my parents will not give them management. But easy money for them. Send us a prospective tenant and get one week's rent for that. I think they will do the forms but don't care as these tenants are "keepers".
I plan to do this next time, as giving "one off" find us a tenant for a week arrangements have failed dismally in the past with the big chains. This lot was pretty impressive really.
This couple have been looking for weeks under $400 but nothing was suitable. I gathered cleanliness and general condition was an issue in a lot of places they had rejected.
The said they decided to look over $400 per week and this house is the best they have seen and then are keen to take it. We are keen to take them, so all is good.
Rent is $440, basic (very clean and fresh) three built in bedroom house with huge under house area that previous tenants used as big rumpus room, though it is not properly built in. We put in a new huge paved area with 5m x 5m shade sail so it looks good and attractive, but we certainly were not swamped with enquiries, probably because of the price.
I find it interesting that after very little interest, these people snapped it up in an instant. No queues of people wanting to rent it, like we see on the news.
Wylie
I think that it very much depends on the area (supply and demand) , in my suburb at the moment there is never any more that 4 rentals and are very expensive ($350 - $600 p/w) on realestate.com.au and they only there for a about a week max, tho latey darwin has been seen a big shortage in rentals which is driving rent sky high. Tho I dont know how long till will continue for.... Good for me, bad for tenants lol
Sat at one IP today for an hour, with not ONE enquiry. Same house, last weekend - half an hour open for inspection, result ONEcouple called by.
We had a rental agency take photos today and she commented that the rent we are asking is about right, maybe could get $5 more. She said that average Brisbane rent is now $410 per week (don't know where the figure came from) and she said "this will rent quickly and easily".
Only thing I can figure is that we just HAVE to get onto the net.
I took photos while I was there today, so now I have photos and can try the free internet sites mentioned in another thread which will take adverts from private landlords. Meanwhile it will be on the net tonight, so we will wait and see how long before we get some action.
We sat there looking at each other, saying "where are all the people lining up wanting to get into a rental auction?" Very frustrating. Fingers crossed we find a tenant before the present tenant moves out.
If we don't find one, and we have any time where it is empty, my fear is that my mother will find things for me to do there, lick o' paint, lick o' paint, half an hour. (There is a Fawlty Towers quote for EVERY occasion, isn't there?)
Wylie
We had a rental agency take photos today and she commented that the rent we are asking is about right, maybe could get $5 more. She said that average Brisbane rent is now $410 per week (don't know where the figure came from) and she said "this will rent quickly and easily".
Only thing I can figure is that we just HAVE to get onto the net.
I took photos while I was there today, so now I have photos and can try the free internet sites mentioned in another thread which will take adverts from private landlords. Meanwhile it will be on the net tonight, so we will wait and see how long before we get some action.
We sat there looking at each other, saying "where are all the people lining up wanting to get into a rental auction?"
Very frustrating. Fingers crossed we find a tenant before the present tenant moves out.If we don't find one, and we have any time where it is empty, my fear is that my mother will find things for me to do there, lick o' paint, lick o' paint, half an hour. (There is a Fawlty Towers quote for EVERY occasion, isn't there?)
Wylie
In the Upper Mt Gravatt/Sunnybank/Macgregor/Eight Mile Plains area there are a few houses with "for rent" signs outside that have been there for a couple of weeks - I can think of 3 off hand and that is just in the few streets I drive down. Houses look OK, neat and well maintained.
For years I had not seen any "for rent" signs until a couple of months ago.
Marg
For years I had not seen any "for rent" signs until a couple of months ago.
Marg
wylie and Marg
Now that you mention it ... there have been a couple of "for lease" signs parked outside houses out this way too. Must keep my eyes open and see how long it is until the houses are leased. A sign of things to come, perhaps, or some other explanation? Ideas, anyone??
Cheers
LynnH
Now that you mention it ... there have been a couple of "for lease" signs parked outside houses out this way too. Must keep my eyes open and see how long it is until the houses are leased. A sign of things to come, perhaps, or some other explanation? Ideas, anyone??
Cheers
LynnH
After three weekends prior to tenants leaving where they allowed us to open the house, and during which only one looker arrived, they moved out on the Saturday, but had paid for the Sunday. So we had another open, had three or four lots through, one very interested but one party worked on the other side of town, so peak hour traffic was the killer (why did they look there anyway?).
Sunday morning, I got a call from a family just one week ago moved from Perth and paying $2K per week for short term serviced place, took it next day. The love it. All in all we lost one week's rent. I just cannot figure out what is happening.
We also had reduced the rent from $435 to $420 because Christmas only two weeks away, we wanted someone in rather than have it empty.
So we are happy, money is flowing again, we had some lookers from the sites we listed it on, also it was on re.com via an agent, but these people came from the paper.
Wylie
Sunday morning, I got a call from a family just one week ago moved from Perth and paying $2K per week for short term serviced place, took it next day. The love it. All in all we lost one week's rent. I just cannot figure out what is happening.
We also had reduced the rent from $435 to $420 because Christmas only two weeks away, we wanted someone in rather than have it empty.
So we are happy, money is flowing again, we had some lookers from the sites we listed it on, also it was on re.com via an agent, but these people came from the paper.
Wylie
Also was speaking to a friend yesterday whose sister sold her Brisbane house and is renting for a few years I think, in Paddington. Rent is going up very soon from $350 to $500 per week. Three small bedrooms, living, dining, one bathroom, one level with lock up under house area.
I told her $350 in Paddo sounds like it was cheap rent, but a $150 per week hike is enough to make her sister decide she may buy again, or move.
Wylie
I told her $350 in Paddo sounds like it was cheap rent, but a $150 per week hike is enough to make her sister decide she may buy again, or move.
Wylie
My next door neighbour has just been leased out for $300/week and it was listed for only 2 weeks (not bad considering we are in December and not many people are looking to move around xmas), it's tiny 2br in Melbourne north west. It used to be just $270-$280/week early this year.
Our IP (small 3br townhouse in the same area) is currently leased out at $335/week (without agent). Next door neighbour (which is exactly the same size and design) has just been leased out for $400/week. It took a bit more than a month to lease out at that price though, similar properties have been leasing out around $350-$360 earlier this year. I guess we should raise our rent, but we have agreed to let the existing tenants stay on at that price when we bought it, so we'll wait the six months before raising our rent.
So nope, it's definitely hasn't cooled down. Not in Melbourne inner north west anyway. But then again we are normally a bit behind the eastern suburb so we may just be starting to see the rental increase that they saw earlier this year.
Our IP (small 3br townhouse in the same area) is currently leased out at $335/week (without agent). Next door neighbour (which is exactly the same size and design) has just been leased out for $400/week. It took a bit more than a month to lease out at that price though, similar properties have been leasing out around $350-$360 earlier this year. I guess we should raise our rent
, but we have agreed to let the existing tenants stay on at that price when we bought it, so we'll wait the six months before raising our rent.So nope, it's definitely hasn't cooled down. Not in Melbourne inner north west anyway. But then again we are normally a bit behind the eastern suburb so we may just be starting to see the rental increase that they saw earlier this year.
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Our IP in quakers hill, nsw was renting $280/wk 6 months ago. At that time we put it up to $300/wk on agents advice. Now been adviced to go to $315 as of start of Jan. At one rental in the area the street had to be closed as 50 couples turned up to inspect and 30 applied. Agents not offering longer than 6month lease agreements on new leases as rents are climbing quickly. For how long who knows but there was a period there where we couldnt even get a $5/wk rise in rent so i'll take it while its there
Jayro
Jayro
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