House not renting - Bonner, Canberra

[luckyone]

Hi,

Going with the theme of houses not renting, mine isn't either. We've barely even had any people through (for what it's worth, we've been to other open homes in the area and they are having the same sort of response of noone showing up, or at most one or two). We've already dropped the rent from the original asking price of $560 down to $540 and are now offering one week's free rent. What else can we do to get it rented?

It's always rented easily in the past, and the tenants who just moved out were paying $570 a week. It's still in very good condition, so I don't think it's that.

http://www.allhomes.com.au/ah/act/rent-residential/8-dinah-street-bonner-canberra/1316889421611

 

[Jamie M]

Hiya

I had the same issue with an IP in Nicholls - it's a townhouse.

Just had to keep dropping the rent until we got more interest. Took about a month or so to get new tenants.

The abundance of new stock is probably the cause. There's also heaps of competition for rentals in Bonner already by the looks of the allhomes listings.

Allowing pets usually generates some interest - and you've covered that off already.

Cheers

Jamie

 

[gottabespotless]

Beautiful house. Stunning. It looks like the photos were taken when it was brand new - is it still in such perfect condition after being lived in by the previous tenants?

I had a look at the competition and one thing stood out - most houses, although lovely, large, shiny and newly built are on tiny blocks of land (although yours has a nice bit of yard which is a big bonus - how about allowing a pet/pets?). There are a couple of 4 bedders at $520 but they don't seem to have ANY space around the house at all. These are generously sized family homes and I know as a parent of young, active children, no/or a tiny yard would put me off, and those without children aren't generally going to want a house that big.

I also took a look at the recent sales in the area and, with the current low interest rates (and Canberra native's generally higher incomes) people can buy a house at the moment where repayments are not much more than the rent you're asking. I could very well be wrong, but as an outsider looking in, it seems this could possibly be the case. More supply than demand?

 

[luckyone]

Yep, definitely more supply than demand at the moment. We've already got it with pets considered, hubby and I are both pet lovers so no issues there!

It's a shame that the tenants moved out just as the suburb next door has houses becoming available for rent and so are the houses in the final stage of Bonner. It's really frustrating! We've never had huge crowds turn up for inspections in the past, but enough to get a few applicants to choose between.

Gottabespotless - Yes, the house is very similar to that condition. The only thing is that the carpet in the lounge room was damaged a bit by the first tenants we had in. By that, i mean it's pretty minor, just a few indents in the carpet where very heavy furniture was placed. I would think that maybe that is the cause, but the people who have been through have all said it's lovely but just not right for them.

I'm really getting frustrated as the last thing I want is a vacant house!

Do you guys think that if I dropped the rent to $520 it would make any difference?

What did you do Jamie to get people in?

 

[Jamie M]

What did you do Jamie to get people in?

Begged them.

No - we ended up having a couple of groups keen on the property after we dropped the rent by around $50.

My wife manages the properties too - so anyone the called/emailed got a response straight away.

Cheers

Jamie

 

[luckyone]

Hmm, might be worth dropping it again then. I'll wait till Tuesday though and see what the weekend brings. Seeing as it's open tomorrow it might be a bit late to drop the rent?

 

[Canberran]

Still had 12 rented last 4 weeks. I think the rent is still high.

 

[luckyone]

I've asked the agency to drop the rent to $510 per week. Hopefully this will get a few people through on the weekend.

 

[Brady]

I've asked the agency to drop the rent to $510 per week. Hopefully this will get a few people through on the weekend.

Hopefully that works for you.

Otherewise getting under $500 even $499 just to pick up those with $500 limit could work for you.

Best of luck over the weekend.

 

[Nemo30]

The rental market is terrible at the moment. It's really dropped.

I was very lucky my tenants just signed up for another 12 months at the same rent. If they left, I was facing dropping it about $50pw.

My houses are in west Belco and I've been watching the market here closely. Even with lower rents, houses are staying on the market for a month or more.

Only suggestion I have is in relation to allowing pets - you've said in the text they are allowed, however it isnt in the search fields on the left hand side. Anyone specifically searching for a pet friendly place wont find yours.

Good luck tomorrow!

 

[Jamie M]

Only suggestion I have is in relation to allowing pets - you've said in the text they are allowed, however it isnt in the search fields on the left hand side. Anyone specifically searching for a pet friendly place wont find yours.

Good luck tomorrow!

That's a great pickup. You'll get more bites. We found that most people keen on our Nicholls place had pets - so probably filtered their search for pet friendly properties on all homes.

Brady's $499 idea is good too.

Good luck!

Cheers

Jamie

 

[crest133]

Is there a " for lease" sign in the yard ?
Ppl often drive a suburb before making enquiries.
Cheers
good luck
crest133

 

[luckyone]

Only suggestion I have is in relation to allowing pets - you've said in the text they are allowed, however it isnt in the search fields on the left hand side. Anyone specifically searching for a pet friendly place wont find yours.

Good luck tomorrow!

Thanks Nemo, I hadn't noticed that it wasn't showing up in search results! Far out, i can't believe I missed that! Will get the agent to fix it up asap.

For what it's worth, I drove past during the open home today and saw two groups go through, so that's the best result we've had so far. Hopefully one of them will want it.

 

[greentomato]

From what I have heard there are quite a few people leaving or looking at leaving Canberra at the moment. Much of the public service isn't hiring (or at least not long term) so people are reluctant to move or commit when employment is up in the air.

I have a number of friends in the area who are all looking at leaving at the moment.

I note on your advertisement that the offer is subject to tenants moving in within 7 days - not many people would be able to do this. They have to give notice at their old place which could be 2-3 weeks and in order to move into your property they will have to pay rent at two properties during their notice period at the old house. No offense but that 'offer' wouldn't encourage me at all even with one week rent free.

 

[Nemo30]

From what I have heard there are quite a few people leaving or looking at leaving Canberra at the moment. Much of the public service isn't hiring (or at least not long term) so people are reluctant to move or commit when employment is up in the air.

Cant say I've been hearing that in my circles - no one I know is leaving or thinking of leaving. Pretty much business as usual in my world, except for some fears about the upcoming budget.

I know some people who are leaving their jobs for various reasons, but none are actually leaving Canberra.

Lots of properties are being sold, there hasnt been a drop in prices. Sales appear quite strong.

The rental market is taking a battering, but a lot of that is due to the number of units being built. Huge developments going on at the moment. Rentals have been soft for about 18 months.

 

[luckyone]

Actually greentomato, we got quite a few people ring because of that clause and the drop in price. Stil hasn't worked though, no tenant yet. There were two couples interested who wanted to all move in together. One of the couples have put in an application and are fine, but the other couple are dragging their heels. Hopefully they're still interested. They're wanting to move in this Saturday if we say yes, so it'd be very nice if it all works out.

 

[Jamie M]

Sounds promising - hopefully it all works out.

Living with another couple.....that would send me crazy!

Cheers

Jamie

 

[luckyone]

Bad news, they've just pulled out. Turns out the backyard isn't big enough. Bugger!