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FAST AND FURIOUS RENTALS (Image: Property Management KPIs - October 2018 versus May 2019)
I've always seen renting property in that way, a bit like a knife fight or cage fighting compared to selling which is often drawn out. If for one reason or another the rent you looking for doesn't align with the market at the time the property will sit and you then lose money every day it is vacant.
For a lot of reasons, some of them just seasonal although perhaps also including uncertainty from the slowdown in the building trades before the election. Enquiry for rental properties has shown a roughly 40% drop compared to tenant activity since the September to October 2018 period.
In April we had 656 enquiries from all sources, mostly Internet and in May we had 798 enquiries. This compares to roughly 1100 enquiries a month 6 months ago. We are working just as hard with more than 100 open for inspections each month which has hardly moved from six months ago. Tenants inspecting on the other hand has dropped from about 350 to 230 and applications received has also dropped proportionately
The market has not dried up certainly some types of property rent quickly but it's quite clear to me that if a property has been on a vacancy list for more than two weeks investors should definitely look at discussing the rental market with their property manager with a view to making sure that the rent is aligned with the current market.
We are not buying and selling houses here, what we are doing is renting properties for six months so e.g. $20 a week might mean $540 below expectation for those six months or about one weeks rent then after 6 months you get to do it all over again this time going into summer probably with a better outcome.
by David Hamilton
Fast and Furious Rentals
palmbeachfn.com.au June 2019
First National Palm Beach
Cnr of 6th Ave & Cypress Terrace, Palm Beach, QLD 4221
Ph: 07 5559 9600