new PM, suggests low rent increase

Stick to your guns. Lucky for me I keep ears to the ground and probably have a better understanding of rental prices that agents do even though I’m not a local. rent was $570, 12 months ago. If listened to the agent would have rented for $700. However held ground and now renting at $900.

easily should be able to set your own price especially in a zero vacancy suburb.



QUOTE="Burramys, post: 1161189, member: 1155"]A few months ago my PM Chris and I were discussing the possibility of a rent increase due when the lease expires in September. We like a long lead-time, and had settled on around $25 subject to a market assessment closer to the time when we had to notify the tenant. In early May a new PM Harry was appointed, a pity as Chris was excellent.

Harry has just advised me that it's best not to make the tenant unhappy and leave if we ask for an increase. He said that $10 may be possible and that it's best to leave the rent unchanged at $350/week. There's one property near me asking the same as the current rate. This is well below the standard of my property. The rest are $380-400/week, with a few similar to mine. It's quite possible that Harry wants to make the lease renewal as easy as possible for him. The tenant has good pay, a senior manager.

I'm tending to ask for a $20-30/week increase.

Comments about the above would be valued.[/QUOTE]

 

Geez where is this?

 

Central coast buddy

 

I would also assess how high maintenance the tenant has been. Do they ask for every little thing to fixed or you hardly hear from them etc.

If high maintenance then push the boundaries and if they leave no worries. If low maintenance then worth keeping $10-20 below market to keep them happy!

 

That’s awesome, gotta be happy with that!

 

And while you are sticking to your gun, phone Chris and ask him to transfer your management to his new job.

 

The tenant is good to deal with, pays the rent on time, no damage, no adverse reports. I want to keep him if I can.

The PM has agreed to ask for $30, bringing the rent a bit below the rate for that sort of property for that suburb. When the lease was being negotiated - asking $350, at the market rate - the applicant said he would pay $330. He was in a weak position as the market was $350 and this is one income among many. For $1000 a year extra I'm happy to wait for $350. He folded and is now paying $350.

I'm staying with the PM REA for now, but the situation is being monitored. It's not a good start for the new PM.

 

Go find another agent to do a site visit rental appraisal. That should sort out your agent and tenant.