Setting up short-term rental Perth

I

INVSTOR

My situation-
I currently have a rental property in Perth that I've been advertising for several weeks with no applications and only one person viewed.
I'm thinking of setting it up as a short-term rental partly or fully furnished to get some income.
Where would I advertise?
Pro's and Con's?
Going rate for short- term accommodation?
I may need to move into it myself in one- two months as I've sold my house and haven't found a house I like to buy. Maybe others are in this situation also and need a short-term property that allows pets?
If I could get someone for a month or two it would probably be ideal. I've just applied for a loan with a bank but it could be a spanner in the works that this property currently is vacant.
Settlement for my house is a few days before Xmas (eek) but buyer has asked me to consider settling early Dec. My bank can't promise they'll be ready by then!
Any thoughts?? Ta
 
I love Perth, so otherwise deal done, but unfortunately daily commute to Melbourne puts stop for the brilliant plan. :D

But surely there is other people in the same situation than us and need short term accommodation. Especially it was hard to find any place that accepts pets.

Maybe contacting some removalist companies and mention to them that you can offer short term accommodation rentals to their clients or advertise in Gumtree or www.airbnb.com.au.
 
Tillie said:
I love Perth, so otherwise deal done, but unfortunately daily commute to Melbourne puts stop for the brilliant plan. :D

But surely there is other people in the same situation than us and need short term accommodation. Especially it was hard to find any place that accepts pets.

Maybe contacting some removalist companies and mention to them that you can offer short term accommodation rentals to their clients or advertise in Gumtree or www.airbnb.com.au.
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Oh shame! :) I was thinking of contacting a few real estate agents. Even offer to people with pets who are selling their property, want to stage it and move out to avoid the stress!
 
just go onto stayz and compare rates. where is it tho? usually it's more for central areas and holiday locations. beware your local council regulations also!
 
Ausprop said:
just go onto stayz and compare rates. where is it tho? usually it's more for central areas and holiday locations. beware your local council regulations also!
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Thanks for tips! I'm still researching but found one company offering executive rentals aren't taking on any more listings since Perth has slowed down in past 18 months. My property isn't really executive market anyway!

I'm looking into 'select stays', which seems to cater for suburbia as well as inner city.

Some company's will only take your listing on if available for min. 3 or 12 months.
 
I'm not getting a lot of interest in North Perth house but it has it's first open for inspection tomorrow so we'll see what happens.

The listing REA was glowing how it could get $900+ pw which I knew was ridiculous. We are marketing at $800 and may have to go lower.
 
westminster said:
I'm not getting a lot of interest in North Perth house but it has it's first open for inspection tomorrow so we'll see what happens.

The listing REA was glowing how it could get $900+ pw which I knew was ridiculous. We are marketing at $800 and may have to go lower.
Click to expand...

I've had more interest in past few days. I think tenants are on the move again.
 
westminster said:
I'm not getting a lot of interest in North Perth house but it has it's first open for inspection tomorrow so we'll see what happens.

The listing REA was glowing how it could get $900+ pw which I knew was ridiculous. We are marketing at $800 and may have to go lower.
Click to expand...

If it's the one I'm thinking of I reckon it's worth 750 at absolute max personally and even that's pushing it in current market.

Rents have really dropped in the 700-1500 bracket.

A friend leased a place 14 months ago for 1200 fully furnished that was originally on market for 1500 unfurnished.

Just renewed at 900, the owner paid $1.7m for the apartment. This is of course an extreme example and cbd apartments have been hit the worst.
 
sanj said:
If it's the one I'm thinking of I reckon it's worth 750 at absolute max personally and even that's pushing it in current market.

Rents have really dropped in the 700-1500 bracket.

A friend leased a place 14 months ago for 1200 fully furnished that was originally on market for 1500 unfurnished.

Just renewed at 900, the owner paid $1.7m for the apartment. This is of course an extreme example and cbd apartments have been hit the worst.
Click to expand...

Agreed Sanj that $700-750 may be the mark. First rental home open tonight and we'll see what the market says - it talks pretty loudly when no one comes.

It's times like this that it's good to be a renter - very nice rate for a luxe apartment.
 
westminster said:
Agreed Sanj that $700-750 may be the mark. First rental home open tonight and we'll see what the market says - it talks pretty loudly when no one comes.

It's times like this that it's good to be a renter - very nice rate for a luxe apartment.
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Yeah I don't see myself buying my own place for at least another few years.

The place I'm renting is also on a terrible yield, I'm about to renew in the high 800s/wk but would cost around $1.3m or so to buy, doesn't make any sense whatsoever for me to tie up capital when the owners can subsidize my lifestyle significantly
 
sanj said:
Yeah I don't see myself buying my own place for at least another few years.

The place I'm renting is also on a terrible yield, I'm about to renew in the high 800s/wk but would cost around $1.3m or so to buy, doesn't make any sense whatsoever for me to tie up capital when the owners can subsidize my lifestyle significantly
Click to expand...

Slightly off topic, but what are the agents/owners of these premium rentals like to deal with?

Picky/relaxed/non-events?

I'm thinking of doing the same thing, but probably with one or two other mates in the near future. Its just so much better value for money than buying into quality property.
 
sanj said:
Yeah I don't see myself buying my own place for at least another few years.

The place I'm renting is also on a terrible yield, I'm about to renew in the high 800s/wk but would cost around $1.3m or so to buy, doesn't make any sense whatsoever for me to tie up capital when the owners can subsidize my lifestyle significantly
Click to expand...

I'm kind of feeling the same! I feel like prices have peaked and more landlords may consider my multiple pets since vacancy is increasing. May be worth a try in this current climate.
 
there is a small cash saving to be made by renting, you just want to ensure you are fully exposed to the market when it goes for a run. Given the runaway growth in syd and mel and perths tendancy to follow those markets it wouldbe dangerous to be out of the market. but there is certainly strong merit in renting a place to live whilst investing in another property (or multiple). the pporcgt exemptions are best saved for new builds with dev uplift
 
having said that, my mortgage is the same as the rent would be and I get allthe other fruit that goes with it such as deflation of debt, CG with tax free treatment, ability to slowly improve etc. so in this circumstance it is a no brainer
 
Ausprop said:
having said that, my mortgage is the same as the rent would be and I get allthe other fruit that goes with it such as deflation of debt, CG with tax free treatment, ability to slowly improve etc. so in this circumstance it is a no brainer
Click to expand...

Does that take into account the capital tied up on the deposit though? And its opportunity cost etc, etc

Its a rare thing in WA considering the typical residential yields around here, and generally on properties in the lower price brackets.

Anyway, I digress.

I've been thinking about setting up a short stay myself in Fremantle, so that's why I was originally here!
 
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