Western Sydney Slow Rental Market?

[Of The Vultures]

I have a house in the Campbelltown area and my PM reports the same - definite slow down in rentals. Recently had to give a tenant notice to move out and it took almost 4 weeks to find a new one, just as I was about to drop the rent but didn't end up having to do it.

 

[Shahin_Afarin]

Interest rates are ridiculously low so a lot of younger (even some older) buyers who were previously renting are buying. Many are moving outwards (from the CBD) to purchase.

Regards

Shahin

 

[scha9799]

I think it is because more investor buying so more rental property on the market than the tenant.

Demand no change but the supply of property for rent increase.


Hence it is very slow in rent increase.

I am going to ask my PM see if i can increase the rent sometime in Q1.


report to you guys next time : )

 

[nhg]

I think this is the opportunity to stand out from the mum and dad investors.

There is more to it than just lowering the rent. Understand your market and cater to its needs.

Ensure there are no boxes they can't tick when they come in for an inspection. Don't get stingy on the neccessities. eg for that area, built in wardrobes, air conditioner, perhaps a cheap shed out back for extra storage space or change the handles and make the house look brand new etc.

Even a fresh coat of paint can make all the difference. Find different ways to attract tenants.

Fortunately all my properties are currently rented at a premium, tho there is one that may soon be letting down the portfolio.

 

[Marty McDonald]

Could also just be the time of year. Give it a month.

 

[maadha]

This is very true, many of the homes which are hard to lease and have longer vacancy periods also have graany flats in the back yard....most tenants don't like the thought of such a lack of privacy or the thought of sharing driveways/yards etc.

Hi Priscilla,

Is this the case when GF is fenced off with separate entrance?

 

[MTR]

I have a property in Syds West with granny flat, never had a problem rented straight away. Both properties are private, separate driveways and rear property fenced off.

The front property has just become vacant, I will keep you posted on how long it takes to rent out, wish me luck

 

[priscilla]

Hi Priscilla,

Is this the case when GF is fenced off with separate entrance?

Depends on the privacy level the tenants will have, obviously if they are not sharing anything this helps a lot. The granny flats are always fairly easy to rent but often the houses take longer than a stand alone home with a standard back yard.

My comments are a generalisation obviously there will always be exceptions and the condition of the property often plays a part, however many families looking for homes to rent want a decent yard for the kids and privacy if there are shared driveways/yards etc often families don't feel their kids are safe sharing facilities with other people they don't know and have no control over.

 

[THEGREAT888]

True. St Marys has good rental yield. It could mean as interest rates come down buying would be better than renting!

We have a house and a GF in Pendle Hill. Both were rented within a week for $480 & $350. So I don't think it is a problem in this suburb.

Hahaha. i took it GF for granny flat Not girlfriend, as i first thought.

t

 

[brazen]

Its now the end of January. Its absolutely typical for this month (and December) to be slower for new rentals.

The demand for housing is on the rise, not the other way around that's for sure. Some cheaper suburbs might see a slight slump as investors grab good properties for investment ourposes but the demand is growing.

 

[skater]

Anyone finding the rental market sluggish?

LOL! I'm about to find out. I'm just finishing off fixing up after an eviction. House should go back on the rental market next week, but it's an unusual house, so not sure if that will make a difference. It's 4 beds but faces the laneway. The garage is not included and is fenced separately.

Normally I'd put the rent up after getting rid of tenants and fixing it up, but decided to set the rent at the same level because my PM has a lot of stock on the market at the moment. Mind you, they are all 3 bedders, so mine might be easier to rent.

Well, things took longer than expected and the house wasn't available for viewing until Monday last. So that would be 11/2/13. Several applications received. New tenant picks up keys tomorrow, being 14/2/13.

So..........based on that, Dave I wouldn't call it sluggish at all.