WA Rentals

[redwing]

I dropped into have a look at a rental property in the northern suburbs of Perth for a family friend and was amazed at the number of attendee's, approximately twenty different groups of varying ages for the rental 'viewing'

The lease forms seem new as well (similar example attached) which I’ve posted for your perusal

 

[7DD4]

What's the asking rent ?

 

[redwing]

Around $420 p/wk

I believe market is tight up to around that point from my conversation with the PM

 

[Kent Cliffe]

Yeah REIWA has recently updated quite a few docs. They have a new O/A which most agents are still not using and some changes to the Joint Forms RE: finance approval.

 

[Alex P Keaton]

It will be interesting to see how much interest there is for my unit in Highgate. It will be available mid Feb.

 

[charttv]

Dropped in at a few rentals in Vic Park, queues of people waiting to inspect at every one. Seems the market is tighter than a fish's right now.

 

[Alex P Keaton]

Dropped in at a few rentals in Vic Park, queues of people waiting to inspect at every one. Seems the market is tighter than a fish's right now.

cool! perhaps I should ask a little bit more then and see what happens. the pm said she can give it a week and if there is no interest then drop it down and do a brand new advertisement. I'll be stoked to get $320 per week, but will try for $350 and see what happens.

 

[Alex P Keaton]

cool! perhaps I should ask a little bit more then and see what happens. the pm said she can give it a week and if there is no interest then drop it down and do a brand new advertisement. I'll be stoked to get $320 per week, but will try for $350 and see what happens.

hmmm, a couple of units in my complex have just been advertised at $300.

Maybe I should hold off on advertising mine for a week to see what happens. Might be too much competition there?! What do you think? Also if leave it a little bit longer and make it available end of Feb I might get a desperate uni student urgently needing accommodation and they might pay a bit more. Thoughts?

Mine is 4 sqm bigger. Wander if that would make any difference so that I could get more than the other 2?

 

[redwing]

Spoke to another PM who said she has only been in the game for 4 years but hadn't seen it this busy before

Interestingly and according to SQM there were 19,579 properties for sale in PERTH for DECEMBER 2011 up 1% from DECEMBER 2010's figure

I did source a rental for the friend, owned and managed by an investor I know, so all is good there.

 

[redwing]

Perth rental market tightens

Perth rental market tightens

Perth's rental market has tightened again, according to figures released by the Real Estate Institute of WA yesterday.

The vacancy rate fell from 2.8 per cent in December to 2.3 per cent in January, while the number of properties available for lease fell from 2,800 at the end of December to 2,300 in mid February.

The rental market is the tightest it has been in three years.

Kim Turner, who has to move out of her rental because the owner is selling, said she had been to several home opens recently where 35 to 40 groups of people came to see an "average" house.

"When I get there and see that many people I get a sinking feeling … it just feels futile."

"I'm back on the renting treadmill and I'm scared," Ms Turner said.

Ms Turner's father Chris and her 19-year-old daughter Kori both live with her because they can not afford to rent a place on their own.

She said she could not compete with people who were routinely offering to pay 30 per cent more than the advertised price to secure a tenancy, despite her "excellent references".

Cont...

 

[Ergophobia]

Good news... I needed that

 

[Aaron Sice]

Spoke to another PM who said she has only been in the game for 4 years but hadn't seen it this busy before

Interestingly and according to SQM there were 19,579 properties for sale in PERTH for DECEMBER 2011 up 1% from DECEMBER 2010's figure

I did source a rental for the friend, owned and managed by an investor I know, so all is good there.

now down to 13500.....

 

[Alex P Keaton]

Page 13 of the west

Check out page 13 of the West Australian. It looks like in some parts of Perth people are offering more than what is asked for! The couple we're successful offering $45 more than asking price! I can't wait when IP # 1 lease ends in June. Hoping to increase from $230 pw to $250 pw. Another unit in complex are asking $250 pw.

 

[Ricky]

Check out page 13 of the West Australian. It looks like in some parts of Perth people are offering more than what is asked for! The couple we're successful offering $45 more than asking price! I can't wait when IP # 1 lease ends in June. Hoping to increase from $230 pw to $250 pw. Another unit in complex are asking $250 pw.

I maybe mistaken but I thought this was illegal ?

 

[Alex P Keaton]

I maybe mistaken but I thought this was illegal ?

I dont think so!

 

[jaycee]

I maybe mistaken but I thought this was illegal ?

What, someone offering to pay more ?

 

[Alex P Keaton]

I can't wait when IP # 1 lease ends in June. Hoping to increase from $230 pw to $250 pw. Another unit in complex are asking $250 pw.

The unit got the asking of $250 pw although it is the owners friend who is moving in. This could however set a new benchmark though. fingers crossed!

 

[vmay]

Rents increasing

Spoke to another PM who said she has only been in the game for 4 years but hadn't seen it this busy before

Interestingly and according to SQM there were 19,579 properties for sale in PERTH for DECEMBER 2011 up 1% from DECEMBER 2010's figure

I did source a rental for the friend, owned and managed by an investor I know, so all is good there.

I wonder if a lot of the properties on the market(for sale) are vacant? Could this be one reason the rental market if tight? I know there is an inflow of people to Perth (based on friend knowledge from her relocation work). So there is demand in the executive rental area.

Also know my neighbours have 2 IPs they have been unable to sell and are unwilling to rent. They are in Wattle Grove and are fully renovated.

I think I already posted somewhere about the high demand in my own area (doubt there are any vacancies around here).

It certainly had me thinking of moving and renting out the PPOR - its just not practical for me right now - but would make very good financial sense. It would also give me an opportunity to get some work done on it without me being here.

Well if someone wants to temporarily adopt me it could work .

V

 

[Ricky]

What, someone offering to pay more ?

Yes !

I "thought" it was not legal for an agent to accept this.
How does a landlord know if an agent is taking more in weekly rent than what was agreed upon between landlord and agent ?

How can you then be sure your agent is passing this offer of increase onto you ?

sorry if these are stupid questions.

 

[jaycee]

Yes !

I "thought" it was not legal for an agent to accept this.
How does a landlord know if an agent is taking more in weekly rent than what was agreed upon between landlord and agent ?

How can you then be sure your agent is passing this offer of increase onto you ?

sorry if these are stupid questions.

Ricky,

Prospective tenant would sign a lease with the weekly rent shown as what was agreed. Wouldn't matter if the amount agreed was less/the same or more than advertised, it would be recorded on the lease....

Now if you don't trust the PM to do the leasing honsetly, that's another issue