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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.Ok excellent, thanks all.
My rental review is coming up soon so wanting to see what the prices are going for around the area. I think it needs to go up. Hasn't gone up in 2 years
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.
It's really hard to justify what the rent increase should be, some places are 320 others are 390 I just can't understand why it's so varied!
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.
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.What does your PM advise the market rate as? If you havent got a PM or want verify your PM, why dont phone around and get a couple appraisals if you're not confident in your own DD?
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.
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!Hrmmm interesting. Thanks for that info. I guess that's the risk you take ey