Rental squeeze hits hard as cheaper housing dries up

[BV]

Have you increased your rents in the past 6-12 months?
If not, your rents are below market.

Of the 9400 properties advertised for rent in the Sydney region on a weekend this month only 72 were affordable for people on the age or disability pension or the single-parent payment.

And not one property was within financial reach of single unemployed people on the Newstart allowance, even if they were prepared to share, and to move to Gosford, Ulladulla or the Blue Mountains.

more here
http://news.domain.com.au/domain/re...-cheaper-housing-dries-up-20110413-1de61.html

 

[owen9]

Hi BV,

We do bump our rent upas often as we can .

However, we have really good tennants in our IPs and so when their lease is up we offer a small rise for a twelve month contract, or a slightly higher rise for a six month contract, or an even higher rise for a rolling contract. Generally they have been locking in 12 month contracts more securing the place which they feel happy about and we do because it secures the "good" tennants in longer.

Right or wrong that's what we have done in the past.

Owen

 

[BV]

Hi BV,
We do bump our rent upas often as we can .

Me too. We should increase rents as often as required to keep up with the fast moving rental market. Landlords who don't increase their rents yearly will find it harder to catch up because the tenant may contest a large increase

 

[Sheryn]

All our tenants are all employed and on 12 month leases. The PM has written instructions from us to increase the rent by $5 a week at renewal time.

We have good tenants so $5 is enough. I put up the rent $15 on one property once as the female tenant had too many requests - the increase had the desired effect and tenant moved.


Regards
Sheryn