Rental market in Northern suburbs Adelaide

My tenant has just vacated the property and I'm having trouble finding a new tenant. What's the rental market like in the Elizabeth area at the moment? Can't determine what's causing the delay, rental $$, easter period? lack of demand or lots of personnel changes in my property mngt team?

Market rent seems feasible, maybe a touch on the high side. Other properties on the market are a lot older so difficult to compare. Has had two opens, the last one being the Thurs before Easter break and nobody turned up but figure that's to be expected with the Easter long weekend.

How long should I give it before I start dropping the rent, moving PM's or any other suggestions for securing a tenant?

 

It can be a bit slowish in some parts. Really depends on on the size / condition of the property, how its marketed and what price you're asking. Get that stuff spot on and you minimise your vacancy time; get it wrong and you end up with lots of vacancies.

I'm sure the forum can give you more specific feed back if you say what suburb its in, how much you're asking and a bit more about the property.

 

Lisa
Did you get any feedback on how many people attended the open inspections.

Yes the Easter ones can be slow. I had a couple on good Friday. One of them we got a decent turn up, the other one was not even worth doing.

Also what times are the inspections.

If the property manager is proactive and it's a matter of rent reduction, then give it a bit more time. You will face the same issues with a new manager anyway.

 

The first open they had one person come through, 2nd open (day before Easter break) nobody attended.

Property is in Elizabeth Park, 3,1,1. 5yrs old.

 

I renovated a property nearby last easter and it took 3-4 weeks to get a good tenant in. Had heaps of attendees and apps but none that were acceptable

 

That's a tough market. Obviously the 5 year old ones attract more rent than the old places in the area, but tenants that can afford that generally look for better areas.

I had a look online and there's a couple of 3 bed 2 bath places and 4 bed places asking 300ish so a 3 x 1 needs to be less to compete. Take a look at the listings online yourself, see how yours ranks among them in terms of price, property size, etc.

 

Yeah would need to know the current asking rent... may be a PM who is not fully across the market there

 

It was tenanted for $270pw and I was hoping to achieve that or a little bit more

 

For $300 you can get 3x1x1 in Salisbury so I wouldn't be expecting much over 270 for Elizabeth. On the other hand semis still achieve $230 so you wouldn't want to reduce it much below $270 either.

 

It all depends on the quality and spec - it's not difficult to rent out a 3x2x1 130sqm+ internal for 300wk+, but you're going to struggle with a 3x1x1 105sqm.

As always, there is a lot of value in keeping your price moderate but getting a good long term tenant.

 

Check the ad and make sure the agent has put some effort into selling the features of your property.

If you allow pets, makes sure that is in the search criteria, not just the text of the ad.

Last open was over a week ago - when is the next one?