We are trying to rent a property on the NSW Central Coast and have noticed the demand is not as strong as a year ago... is anyone else experiencing this? Other owners of IP's on Central Coast NSW would appreciate your thoughts...Also any great PM's you can recommend in the Toukley area.
where have all the tenants gone? NSW Central Coast
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No sorry. We did have one tenant give notice and then withdraw it when she found there was nothing else better to rent. Published rental vacany for Toukley is 0.8% (SQM Research)
No many people are looking to move 4 weeks prior to Christmas and just before school is due to finish. The highest demand comes in Jan/Feb when the holidays are over and school/Uni is about to restart.
The other thing you could perhaps look at doing, is a cosmetic makeover to make your IP more attractive to tenants (if it needs one).
This is one thing I have observed, and not just on the Central Coast:
If you ask any managing agent, they will tell you that demand is far in excess of supply and of the x number of properties they manage, they only have 1-2 vacant.
HOWEVER, when you have a vacant property (as you do) then there seems to be this disparity - and the property can sit there vacant for 4 weeks??
Many of the applicants you get for the property, you would not rent to, and your PM would not recommend that you rent to these people either. There don't seem to be any published statistics for this.
Who are you using now?
rental supply & demand Central Coast NSW
Appreciate your views. The property is in great condition and well located however it is on the higher end ie over 300 p/w for this area. Seems you can rent cheaper properties far easier in this area... It is bad timing just before Christmas as you say..not happy, could cost us big if we have to hold over the Christmas period...
Appreciate your views. The property is in great condition and well located however it is on the higher end ie over 300 p/w for this area. Seems you can rent cheaper properties far easier in this area... It is bad timing just before Christmas as you say..not happy, could cost us big if we have to hold over the Christmas period...
If you are facing 6 weeks vacant (say), that's $1,800! ouch
It might be worth your while dropping your asking rent by, say 10% or $30pw. On a 6 month lease that is only a $780 reduction and you're still in front by $1,000 compared with the alternative.
Or even consider advertising it as "first 2 weeks rent free". This may be attractive to tenants who have to give 3 weeks notice (if they are on an expired lease) where they are.
where have all the tenants gone??
This house is in the northern end (toukley area)in a great location and is within close proximity to the beach, actually only 5minutes walk...will see what happens in the next week, thinking will have to change agents if things don't change. The cheaper end of the market (properties under 300 p/w) seem to lease very quickly.. have learnt from this exercise that buying cheaper end properties in this area have better rental potential, anything a tad more expensive takes longer to lease.
This house is in the northern end (toukley area)in a great location and is within close proximity to the beach, actually only 5minutes walk...will see what happens in the next week, thinking will have to change agents if things don't change. The cheaper end of the market (properties under 300 p/w) seem to lease very quickly.. have learnt from this exercise that buying cheaper end properties in this area have better rental potential, anything a tad more expensive takes longer to lease.
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Sounds more like Noraville/Norah head.
If its a decent property like you say it should be easy to rent the price you have mentioned.
I have lower end properties further north and now all over $300 so I think it might be time
to change property managers.
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