When a tenant residing in a residential rental property submits their notice to vacate, many factors must be taken into consideration. In order to secure another suitable tenant as quickly as possible we must determine the correct rental price to advertise.

As Property Managers, we are constantly assessing the market, taking into consideration factors such as:

• the current vacancy rate
• current average days on market
• the ratio of houses to units on the market
• movement trends within certain price brackets
• existing inquiry
• routine seasonal high’s and low’s
• suburb trends and popularity
• property presentation and appeal

When an investment property becomes available for lease, these elements contribute in determining the correct market rent to advertise. The market rent also needs to be compared to the current rent being achieved for other similar properties. Comparing the property to current vacant rental properties  is inappropriate because until they are leased, these prices aren’t proven.  Overpriced properties are likely to be vacant for months and will eventually require significant rent reductions to lease at a later time.

If your investment property becomes available for lease through the year, your experienced Property Manager will contact you to discuss the correct rent to advertise for your property. Armed with statistics, firsthand knowledge of the current market and comparable properties that have been leased over recent weeks, your peoperty manager will be able to guide you in pricing your property correctly to achieve the best results in the shortest amount of time.