Having managed several properties in Frankston North over the years I can tell you that 6 times out of 10 they are renting for lower than the advertised price and are often vacant a little longer while waiting for a good tenant. Also, the rents are split into two separate areas. The properties that have had little to no work done on them and are quite run down - $235 - $250 per week and the properties that have had a lot of work done to them to make them lovely homes $260 - $310 per week.
The problem I have seen a lot of landlords have in Frankston North is that they have purchased an old run down property and put a lot of money into bringing it up to standard and they want this reflected in the rent amount received. People are less willing to pay $300 in Frankston North when they can go next door to Carrum Downs or in Frankston to rent for the same or less.
Frankston North still has a reputation to shake and while we are seeing a change slowly it will take time before the rent amounts come up substantially. If you are advertising for around that $270 mark you will still have the afore mentioned issues but they won't be quite as bad. The reason for this is that at $270 per week, you are still under-cutting the neighbouring suburbs and will often find a long term frankston North resident looking for something a little nicer and more homely. There are also a higher number of first time renters looking in Frankston North.
When leasing a property in Frankston North it has always been a little harder to find a good tenant resulting in a slightly longer vacancy period.
Just thinking about a rent increase? Talk to your PM about the condition of the property, have you done works to it in the past? It may be time for a bit of an increase they will know better than any of us as they should be familiar with the property.
Personally, I think that over the years there will be a change in Frankston North as more investors purchase in the area and do renovations. I have also noticed an increase in owner-occupiers in the last couple of years. I still have hope
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