Rent price.
- Thread starter neeko
- Start date
You can sometimes see what the rental was asked onthehouse.com.au and its free
Is it managed? If so; the PM should be able to give you an estimate of what you can get, or how much you might be able to put it up at the next lease renewal.
If not, you can call up a PM, and pretend you are moving into the area, and need a property (like yours) and ask how much they are renting for.
I used to do this when I was looking at buying an IP in an area.
I have a PM. Last year i wanted to go up $10 pw it didn't cause tennants said no too high then a month later they wanted an AC so I said no back! Then I said for the $10 I would have put in an AC but there still wanting a an AC and I'm still saying no at this time cause can't afford the 2k for one.
Yeh, I've noticed that too. Mine's a 4-bedder @ $310 but I see lots of others aroung $350-$400.
Still, I don't like to go too high and lose the tenant. PM says the price is right.
As for the air-con, if you can't afford it then too bad. If you can afford it, it could be good.
I understand where your coming from .
My rental agent in Melbs just finished telling me she would not be able to rent my place for $290 per week. Just signed the lease today for $290 per week. Any time you get a 'market rate' from a PM, you will need to test that number against comparable properties in the area.
Hrmmm interesting. Thanks for that info. I guess that's the risk you take ey
Your PM should be doing the leg work for you, and then sending links to comparable properties to you to show why they feel this rate is correct.
Also, your tenants said no to a $10 increase? That's nothing, and it's very very rare that a tenant moves out over $10 a week.
Beyond that, your PM should be speaking to the tenants about their plans before calling you. So they can say to you the tenant is looking to renew the lease, and then going back to the tenant to say the landlord is happy to offer another lease but at x per week.
Also, your tenants said no to a $10 increase? That's nothing, and it's very very rare that a tenant moves out over $10 a week.
Beyond that, your PM should be speaking to the tenants about their plans before calling you. So they can say to you the tenant is looking to renew the lease, and then going back to the tenant to say the landlord is happy to offer another lease but at x per week.
If you're on the ball, you shouldn't get caught out. She was thinking $270 but I know the area and $290 was right. So she listed it at $290 or I would have fired her!
