I have a 1 bedroom, 1 bathroom, no parking, apartment in Broadway in Sydney that is still empty after 1 month. It is an older type apartment, perhaps about 25 years, close to Uni, shopping centre
Until the end of October it had been leased for $475. After tenant vacated, it was immediately advertised for $500, but after 2 weeks and no suitable applicant, rent was reduced to $475. After 1 week and still no suitable applicant, agent advised to reduce further to $450.
Given that we are now into the first week of December, I?m wondering if I should take it off the rental market and re-advertise in mid January, perhaps at $475 again. Or with so many new high rise developments going up around Broadway, Ultimo, Chippendale, should I just accept the reality of much stiffer competition and reduce rent even further.
Until the end of October it had been leased for $475. After tenant vacated, it was immediately advertised for $500, but after 2 weeks and no suitable applicant, rent was reduced to $475. After 1 week and still no suitable applicant, agent advised to reduce further to $450.
Given that we are now into the first week of December, I?m wondering if I should take it off the rental market and re-advertise in mid January, perhaps at $475 again. Or with so many new high rise developments going up around Broadway, Ultimo, Chippendale, should I just accept the reality of much stiffer competition and reduce rent even further.