Our Ku-ring-gai Property Update For Monday 10th September 2018
Here is our Ku-ring-gai Property Update For Monday 10th September 2018. This week I wanted to mention the rental market. On the weekend I was out helping our Property Management department with their open for inspections. It was interesting to see the different dynamics of rental opens at the moment compared to sales opens – generally speaking I saw less people, but those in attendence were ready to commit right there and then! I also noted how price sensitive the rental market can be at the moment – despite some negative press, properties are still leasing, but your asking price must be spot on. A relatively small price decrease can mean a property is rented that week and your vacancy minimised. A $50 per week decrease in rent adds up to $2,600 over 12 months which is less than 3 weeks rent on a $900 p/w property. As a landlord, it worth reviewing the asking price of your vacant property with your PM every few weeks – dropping the price isn’t always the answer, but sometimes a small adjustment can make a big difference to the level of response from potential tenants.