How much should I be charging in rent in Redbank QLD?

[Developa]

I have some two bedder townhouses in Redbank QLD (Ipswich area). They are located in a gated complex with a swimming pool and tennis court. The townhouses have a SLUG and are located close to train station. Their condition is good.

I'm currently charging $185 per week. Is this too low? How much should I be charging?

This year I've increased rents on my Sydney IPs by 20%. Nor sure how Brisbane market compares at this point.

 

[yo yo ma]

Can you do a search for other similar properties on realestate.com.au or domain.com.au?
Also maybe talk to PMs in the area to get an idea of vacancy rates and similar rentals...

 

[lura]

Depending on the age of your investment property. How old is it? You may be able to get more than the current $185 but it all depends on the condition. There is a lot of development going on in the area and rentals vary qwuite a bit. Some four bedroom homes are achieving $260 -270 per week, others get $300 - 320.

Same for townhouses - there are new townhouse developments off Jones road near the High School and new shopping centre - this is at the other end of the end of Redbank away from the train station and they were advertising them for rent mid to high $200's about 12 months ago but they are brand new- currently none on the market. A 2 bed duplex up that end is advertised at the moment for $200 per week - but with no facilities.

Why don't you get your pm to test the market and increase it 20% - this will take it to $220 and still affordable. Doesn't sound unreasonable - again, what is the condition like? Your PM will be able to give you a clearer idea of what other units are renting for. they can definitely take it back to meet the market if the market is at $200.

I don't PM in the area but as a research agent, I have provided some info - please contact your agent to verify your needs specific to your property. good luck.

 

[Bazza]

$290 per week

Go to the RTA web site http://www.rta.qld.gov.au/Median_rents.cfm where they have a list of median rents for each region in Qld.

Cheers,

Bazza

 

[Modal Harmony]

Hi Developa, we have a similar property in Edens Landing near Beenleigh. It's 10 years old, has no pool or tennis courts in complex but all other details are similar. It's rented at $260/week and we had no trouble getting a new tenant in FEB08.

I don't think pools, tennis courts, bar-b-ques, etc make a big impact on rental values - people are still mostly interested in where to cook a meal and lay their head at night.

 

[linglc]

Hi Developa,

I have a 3 BR house in Gooda, and the current rental is $225/wk.

I went to my property manager 2 months ago, and asked for an indication as to what the market rate might be, and I was told that she will raise the rental to $265/wk commencing Oct / Nov 2008 when the current lease runs out.

Hope this gives you an indication of the rental market rate on that side of town.

Regards,

LC

 

[lura]

Hi Developa, we have a similar property in Edens Landing near Beenleigh. It's 10 years old, has no pool or tennis courts in complex but all other details are similar. It's rented at $260/week and we had no trouble getting a new tenant in FEB08.

I don't think pools, tennis courts, bar-b-ques, etc make a big impact on rental values - people are still mostly interested in where to cook a meal and lay their head at night.

The prices around Edens Landing have shot up a lot since the development of the Woodlands estate by Delfin. $260/wk is great rent for a two bed unit/townhouse - the avge is lower for like properties. Beenleigh has also taken off as a commercial hub and the employment south of Beenleigh have been attracting more people to the area.

Best bet is to ask your PM to be aggressive in advertising for market rent.