Property Lease expiring soon - secure tenancy asap tips

[r3ckless]

Guys,

Have a unit in Marrickville.

Lease is expiring in 6 weeks, strata want to doa fire/safety audit and need access to the unit. So I forwarded the correspondance to my PM to liaise with the tenants. 6 weeks till the lease expires and the PM gave me a heads up that the tenants asked about how many weeks notice are required if they were to not extend the lease etc...

Had a small chat with my PM and he did say that the market is currently saturated with properties for lease, so really tenants have the upper hand IMO.

Originally I was looking to increase the price by $20 per week, but after his comment, my priority is ensuring no vacancy. Im happy to leave the rent at current amount for another 12 months.

Questions:

- Am I selling myself short
- I believe that moving costs are a bit high, and am I losing potential rental income by not increasing it.. ie should I increase it and the current tenants may just stay due to high moving costs?

Any other thoughts on my situation.

PS I am the type of person that likes to consider worse case scenarios so really right now just planning for the worst.

Ta,

 

[Scott No Mates]

A couple of assumptions here: DIY removalists - $200-300 for a ute/pantech for a weekend, 2 cases of Boags and a BBQ - will cost less than $500 to move. Alternative is Removalist @ $85/hr x 8 hours door to door (self pack).

The tenant only needs to give 14 days notice prior to the end of the lease.

How much will 2 week vacancy cost you (then add the cost of advertising, letting fee etc), hmmm a little more than what a $20 drop will cost you.