To the surprise of many real-estate watchers, the Sydney rental market tightened further this October with the latest survey from the Real Estate Institute of NSW (REINSW) showing vacancy rates fell another 0.6% rounding out to 1.9%.
What does this mean for owners of rental property and property management across Sydney? It means the demand for vacant housing is at an all time high; vacant rental spaces are filled almost as soon as they are left unoccupied. And while it may present a crisis for tenants looking for vacancies, it’s a golden time to be an owner of property available for rent—weekly rental rates are high in properties all across Sydney and, despite this, the demand seems to be increasing.
And yet, there are still some owners of property that are never able to fill their vacancies. Having rental properties vacant for weeks on end while looking for tenants can put a huge dent in your investment returns.
Here are some professional tips to getting your vacant rental property filled as soon or before it hits the market.
Look for long term tenants
The best way to avoid having to fill a vacancy is to not have a vacancy in the first place. In any case it is best practice to avoid the problem of recurring or short occupancy times by being picky about who you take on as tenants. Be specific when advertising vacancies and conducting interviews to find the best tenants. Property management firms in Sydney and home property management specialists currently have the luxury of high demand for rental space, so it’s more than likely owners of property will be able to pick from a selection of candidates.
Have competitive rental rates
Staying on top of market rates for similar rental properties and offering competitive pricing to tenants is the best way for owners of property to fill vacancies. Good home personal property is all about balancing, one of which is to know the market value of your rental space. An owner of property that regularly practices this will also notice that market prices will rise as often, if not more than they go down. Raising rent equals healthier returns on your investment.
That said, don’t fluctuate your rent too often, long term tenants often rely of having stable rental rates in exchange for loyalty and on-time payments.
Have a pristine, functional home for rent
This doesn’t necessarily mean conducting a home renovation overhaul or investing in high-end property (though if you can go for it!) Conduct regular maintenance for all necessities; pipes, roofs, electricity, internet, etc., to check they are all in working order. Inspect the house regularly and give a conduct a thorough clean and de-clutter priorto open day. A clean home with modern utilities is what tenants look for in rental homes. A good home property manager will conduct these checks for owners of property on a regular basis.
Implement these 3 essential rules to get your vacant property filled with tenants today!