status of rental market in Brisbane?

Would like to know the views from the forum regarding the current rental market in Brisbane - particularly those who have IPs there.

We have an IP in the Morningside / Murrarie / Cannon Hill area of Brisbane. It has been vacant for 4 weeks and no tenant. We spoke to the property manager last night, asking questions whether we should drop asking rent and the current state of play of the rental market in Brisbane.

PM said the house is in excellent conditions. She has shown groups of people through, but of course there were reasons why people were not putting in applications. She said the asking rent is about right for our house. She said the rental market has been very slow. She has had open houses for other slow moving IPs and no one turned up. She knew some agents have offered incentives to potential tenants (eg free iPads) but still no takers.

Not sure if the above explanations reflect the state of the rental market, or if we should change PM?

Appreciate any view. Thank you.

PS - we are currently living overseas, so cannot go to Brisbane to check out the property or market.
 
Definitely slower, plenty of buyers at the moment and some of them were former renters.

> Townhouse, previously rented for $600, appraised at $590, ended up getting $570 after a couple of weeks vacancy
> Villa, appraised at $320, tried $340 to start (would have probably worked in 2012) and ended up getting $300

Definitely weaker, time of year doesn't help, having said that it's the price. Every $10 makes a difference, throw in incentives where possible such as pets allowed. Rental managers are for various reasons quite bad at getting price feedback from potential tenants.
 
A good idea is to jump into realestate.com.au and do a look in your area filtered by price, have a look at how many properties are for rent and compare them with yours, it's what your prospective tenants are doing after all.
 
Consider this: $10 price drop is $520 over the year but how much more is it to sit on a vacancy for 2 weeks? When will you make up the loss for the vacancy hanging out for the new tenant?
 
A good idea is to jump into realestate.com.au and do a look in your area filtered by price, have a look at how many properties are for rent and compare them with yours, it's what your prospective tenants are doing after all.

Thanks, Andrew, for your comments.

Yes, I have already looked at realestate and domain. There are currently around half dozen of houses for rent in our area. And, our weekly rent is about the market range. PM also confirmed this. We have dropped rent but PM said no taker.
 
Consider this: $10 price drop is $520 over the year but how much more is it to sit on a vacancy for 2 weeks? When will you make up the loss for the vacancy hanging out for the new tenant?

Thanks, Scott.

We have dropped the rent. I fully understand what you said. We may have to drop the rent again this week and see.
 
It's undoubtedly slowed down.

Keep in mind what Scott said, and also that the market will start to wind down even more in 3 or so weeks. Once we are mid-November the rental market will be very slow until mid-Jan. That's not to say you cannot get a property rented during this period, but there are definitely less prospective tenants out and about.
 
But then on the flipsidethe suburb I've just bought into only has 5 rental properties available under $500 per week, and nothing seems to stay listed for long?
 
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