We own a 3/1/1 chamfer board/brick base home in Carina (actually has a self-contained bedroom downstairs with basic kitchen, shower and toilet with internal access to upstairs - what future potential I say!)
Has an older renovated kitchen, neat bathroom - new taps/glass screen over bath. A/C to lounge and master bedroom. We've done about $25,000 worth of work in 2 years (new gutters, sub-soil drain to control rising damp, some paving, new glass/timber front door, etc. etc.) Superior location in the sweet spot of the suburb, elevated block.
PM has come back with a $5/wk increase, smallest since 2009 with no explanation. Current rent is $435/wk which is the median for the suburb. Long-term tenant has been there more than 10 years. We'll ask how they came up with $5/wk. We did a comparison of the 20 properties available on www.realestate.com.au. A recently renovated 3/1/1 not built-in downstairs (too low) is available for $480/wk. Not much else below this compares to our property. Often original condition places in inferior locations e.g. on a main road
According to API vacancy rate is about 2% which to me is up say 0.4-0.5% over the longer term. I would say with the low interest rates a lot of people who have rented have now bought PPOPs, more people are sharing, kids are staying with their parents longer etc. so the rental market is a little weaker.
We'd like to achieve $15/wk increase. Anyone have any opinions on the strength of the rental market in these inner suburbs on the south? What kind of increase do you think a tenant would tolerate before considering moving on?
Has an older renovated kitchen, neat bathroom - new taps/glass screen over bath. A/C to lounge and master bedroom. We've done about $25,000 worth of work in 2 years (new gutters, sub-soil drain to control rising damp, some paving, new glass/timber front door, etc. etc.) Superior location in the sweet spot of the suburb, elevated block.
PM has come back with a $5/wk increase, smallest since 2009 with no explanation. Current rent is $435/wk which is the median for the suburb. Long-term tenant has been there more than 10 years. We'll ask how they came up with $5/wk. We did a comparison of the 20 properties available on www.realestate.com.au. A recently renovated 3/1/1 not built-in downstairs (too low) is available for $480/wk. Not much else below this compares to our property. Often original condition places in inferior locations e.g. on a main road
According to API vacancy rate is about 2% which to me is up say 0.4-0.5% over the longer term. I would say with the low interest rates a lot of people who have rented have now bought PPOPs, more people are sharing, kids are staying with their parents longer etc. so the rental market is a little weaker.
We'd like to achieve $15/wk increase. Anyone have any opinions on the strength of the rental market in these inner suburbs on the south? What kind of increase do you think a tenant would tolerate before considering moving on?