Researching rental demand
- Thread starter MMM
- Start date
In addition to the above posts:
- Follow the suburb by what is actually available and being leased for.
- Talk to local real estate agents
Sometimes the statistics will not actually help as there could be aberrations.
- Follow the suburb by what is actually available and being leased for.
- Talk to local real estate agents
Sometimes the statistics will not actually help as there could be aberrations.
First you have to get them to call back ... I'm in an area with ONE property manager. Yes, one. They don't call back.
Not sure why I even bothered calling them TBH.
I have used in the past "can you please have then call me as we need to sell our house".
For some strange reason you always have a call back before the end of the day.
I had the local REA visit with a wad of RP data and all the paperwork showing fees, example listings and advertising etc within TEN MINUTES of calling them a few weeks ago She seems really good, she's new and nothing like the older local agents. She gets our listing on Friday.
The one that does property management isn't as keen. They are 75km away for a start, they are the sole manager for a huge area, charge like wounded bulls and for obvious reasons are never in the office let alone mobile range (poor excuse, Telstra has fantastic coverage). You ring the office you invariably get the sales department and "sorry, none of our property managers are in at the moment".
The PM has been here before, stuck her nose 2 feet inside the front door and said "$200 a week" (the house across the road from us is smaller, worse condition, $270pw - it got haggled up). Not a bad return considering this place will be for sale for $175k shortly, and there's a fair whack of depreciation on this place. It could go around $300pw fully furnished as the rental market here is so tight. Lovely house, great investment, distressed sellers. Know any property investors?
She seems really good, she's new and nothing like the older local agents. She gets our listing on Friday.The one that does property management isn't as keen. They are 75km away for a start, they are the sole manager for a huge area, charge like wounded bulls and for obvious reasons are never in the office let alone mobile range (poor excuse, Telstra has fantastic coverage). You ring the office you invariably get the sales department and "sorry, none of our property managers are in at the moment".
The PM has been here before, stuck her nose 2 feet inside the front door and said "$200 a week" (the house across the road from us is smaller, worse condition, $270pw - it got haggled up). Not a bad return considering this place will be for sale for $175k shortly, and there's a fair whack of depreciation on this place. It could go around $300pw fully furnished as the rental market here is so tight. Lovely house, great investment, distressed sellers. Know any property investors?
Rental
First, look at the listing for renting around your property in Local News paper, Real Estate websites. That should give fair indicative rental in the area.
Call Property Manager/agent and ask them if you go through them what's rental they can get, if you get per week rental estimate from them discount it by 5% or so and that's probably more realistic rental.
First, look at the listing for renting around your property in Local News paper, Real Estate websites. That should give fair indicative rental in the area.
Call Property Manager/agent and ask them if you go through them what's rental they can get, if you get per week rental estimate from them discount it by 5% or so and that's probably more realistic rental.
I get a formal REA appraisal next week (young giggly PM eventually called back) and will take another couple of weeks to get the HIA guy out but $200 is still the most likely number. HIA guy has to set the rent amount for furnished too so he'd need to see the house with furniture in place. Unrenovated houses smaller than this one can still go for sub $200, new 4br ones or large old renovated ones go for $300+.
Ours is sort of like this one but older house with modern decor. Love the kitchen in the photos, eh?
http://www.homehound.com.au/4+oxford+street+jamestown+sa+5491/13994033/
I have a post in caveat emptor ... still scratching for finance so we aren't forced to sell but you do what you gotta do.
Ours is sort of like this one but older house with modern decor. Love the kitchen in the photos, eh?
http://www.homehound.com.au/4+oxford+street+jamestown+sa+5491/13994033/
I have a post in caveat emptor ... still scratching for finance so we aren't forced to sell but you do what you gotta do.
Just to state the obvious, be sure to dig deeper and look at how many similar properties are vacant.
There may be a big demand for 3-4 beds, yet high vacancy rates as there are lots of 1 bedders available
There may be a big demand for 3-4 beds, yet high vacancy rates as there are lots of 1 bedders available
