I have been an investor for 15 years and have 4 rental properties in Melbourne - all in "blue chip" suburbs.
I must say this is the slowest rental market I have experienced in all those years.
I have a 3 bedroom, well presented modern unit in Caulfield that is proving difficult to rent (quickly that is). 2 years ago prospective tenants were so keen for the place I was fighting off applications. It rented at $595 and following a rent increase earlier this year I was achieving $610.
Fast forward to now and I have had multiple opens over 4 weeks with only a handful of prospective tenants coming through. Some opens I have had no one come through. I have handed out about 7 applications but none have come back - save for one - which I rejected as it was only for 6 months.
I have just dropped the price to $580pw to generate interest.
What is your experience in Melbourne? Where have all the renters gone? I gather new investors to the market have led to a flood of rental properties available.
New investors paying top dollar for property in Melbourne right now with massive loans - I hope you have taken in to consideration that finding a tenant is not as easy as you might think!
I must say this is the slowest rental market I have experienced in all those years.
I have a 3 bedroom, well presented modern unit in Caulfield that is proving difficult to rent (quickly that is). 2 years ago prospective tenants were so keen for the place I was fighting off applications. It rented at $595 and following a rent increase earlier this year I was achieving $610.
Fast forward to now and I have had multiple opens over 4 weeks with only a handful of prospective tenants coming through. Some opens I have had no one come through. I have handed out about 7 applications but none have come back - save for one - which I rejected as it was only for 6 months.
I have just dropped the price to $580pw to generate interest.
What is your experience in Melbourne? Where have all the renters gone? I gather new investors to the market have led to a flood of rental properties available.
New investors paying top dollar for property in Melbourne right now with massive loans - I hope you have taken in to consideration that finding a tenant is not as easy as you might think!