Rents Falling!

[Xsells]

Maximising rents is all about timing... Have the properties become vacant in the peak Period and the rents will hold and there will be a greater choice of tenants

 

[Kris77]

As a PM I feel that the market is correcting itself. Still seeing tenants at opens, but dont have 30-40 people fighting for a property as there was 1.5 years ago. And lets face it 1.5 years is a long time! Rents are not increasing as much as they were because there isnt the demand. If a property is priced correctly it will lease easily. Many LLs are stil expecting to market their properties for $50 more, but this just isnt possible without the competition between tenants.

 

[BoatBoy]

Well, I thought we may possibly have to start reducing rents judging by the general D&G, comments form the glass half empty set saying the young will be moving back in with parents blah blah blah.

Had a prop vacate, signed up straight away with an extra $20/week to seal the deal with an exec. type (we had a few signed apps), and he wants to make improvements to the place as well at his expense.

Asked if he can get an extra tv, phone port installed Sat tv and if he can trim the trees and do some general yard work.

Well of course you can Sir, as long as it is done in a professional manner in keeping with the installation and fittings of the rest of the property.

Sounds good.

Dave

 

[Dazz]

he wants to make improvements to the place as well at his expense.

Asked if he can get an extra tv, phone port installed Sat tv and if he can trim the trees and do some general yard work.

Well of course you can Sir, as long as it is done in a professional manner in keeping with the installation and fittings of the rest of the property.

Sounds good.

Good one Dave, sounds like you've got a decent Tenant.

I think the term you are looking for is : "At the Tenant's sole risk and cost, to the satisfaction of the Landlord." Now where did I read that ??

 

[Bazza]

I agree though, that long term tenants tend to get a good deal, as we tend to creep it up under the market rate in order to keep them.

I am now thinking that tenants good or bad should be replaced every three years or so. There are two reasons for this:

1. As Wylie mention, rents tend to get behind the market rate.
2. People who appear to be good tenants and don't complain about minor problems can also do damage by not reporting things that need repair. eg dripping tap can cause damp areas attracting termites.

Funny how tenants object to a rent increase but will happily pay more elsewhere. I guess then they have to meet the market.

Cheers,

Bazza