QLD Determining market rent

Discussion in 'Property Management' started by Jockosaurus, 9th Dec, 2019.

Join Australia's most dynamic and respected property investment community
Tags:
  1. Jockosaurus

    Jockosaurus Well-Known Member

    Joined:
    29th Oct, 2018
    Posts:
    103
    Location:
    Brisbane
    Hi all

    My IP is coming on to the market again. Does anyone have any tips for determining fair market rent? I've had input from the PM, RTA reports and looked online (only 2 comparable 4 bed townhouses and both available now) but that still gives a range of at least $670 - $760 which is not terribly helpful. Is there any more science to it?

    cheers,
    Jockosaurus
     
    Jockosaurus, 9th Dec, 2019
    #1
  2. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

    Joined:
    18th Jun, 2015
    Posts:
    42,005
    Location:
    Australia wide
    you could test the market by putting it on up the high end of the scale and see how much interest this generates. Then drop if need be.
    But dropping can look bad as well - but prob don't matter too much
     
    Terry_w, 9th Dec, 2019
    #2
    Michael Mitchell likes this.
  3. Dan Wood

    Dan Wood Well-Known Member

    Joined:
    18th May, 2019
    Posts:
    353
    Location:
    QLD
    I'd be looking at comparables like you have, then determining what makes then more or less feature rich/less compared to your IP.

    Closer to public transport
    Spa
    Pool
    Two car garage
    Large/smaller rooms
    Backyard size
    Age
    The list goes on...

    With that you'll be able to put yourself somewhere reasonable in the range, or you might top it.

    As a renter myself this is what I'd be looking at. Although coming up to Christmas you might not get that many bites..
     
    Dan Wood, 10th Dec, 2019
    #3
    Jockosaurus, Michael Mitchell, wylie and 1 other person like this.