Rental market in rockingham are (Port Kennedy)

[Julian.]

Sorry title should say *area

Hi all,

Just wondering if there are any locals or anyone else that may be familiar with the Rockingham (WA) rental market at the moment. In particular Port Kennedy.

My IP lease is up for renewal and the PM has advised of no rent increase. However 12 months ago advised to raise the rent from $380 to $410, but at the time we only went to $395. Which is what it is at still.

PM says that some properties are staying on the market for a little while, I wouldn't have a clue how true that is, as I live in Melbourne.

The current tenants have been there for 2 years.

The house is a 4x1 with a pool, but near a main road and a corner store,if that makes a difference.


I am just after a second opinion on whether a rent increase would be a smart idea or not ???

Cheers
Julian

 

[HD_ACE]

Depends how eager the tenants are to stay.
Perth rental market and vacancy rate as a whole is 180 degrees from where it was 12 months ago.

A small increase you might get away with, but trying to find a new tenant at a higher rate will definitely be an issue and may cause for a long vacancy time.

if you trust your pm then I would follow her advice. That is the knowledge you are paying for.

cheers

 

[westminster]

I would probably leave as is, or raise $5 at most.

Vacancy rates are higher than 12mths ago and you have good tenants.

 

[Rixter]

If your PM reckons keep it on hold then do that. Also have a look at what other comparative type properties are renting for via the net to see it it backs up your PM advice.

If so, let if for 6 months then re-evaluate at that time to where the market is at.

If its moved then increase it inline.

 

[Ausprop]

don't trust the agents for the right advice tho, they are lazy and I often cant believe how under rented some agents put properties out at. you need to keep your finger on the pulse and instruct your agent if you think you need to push your rents up. remember most IP owners are morons that think losing money is an awesome tax deduction so PMs slip into that mindset

 

[Julian.]

thats why I am here to get more of an idea whats happening in the area.

the PM told us that rentals are down as well as sales.

I had a look on realestate.com and there is something close by asking $410 with a pool but is only a 3x1 and mine is a 4x1 with a pool.

No idea how long its been on the market though.