Rental prices Perth

I would be considering their offer and at least negotiating. 10% is nothing in this market. And even if they accept your strong stance, they will probably hold onto the new lease until/if they find something more suitable. Plenty of choice is the problem.
But goodluck, hopefully they are only trying a fast one and continue on a new lease at the same rent

 

Good work. Hope they work out.

 

Likely that would have brought a sigh of relief HD, possible quite victory dance.

@7DD4
Curious what the PM recommended (after all getting a % cut of the action) how many enquiries their office is receiving, local area demand, how your place & price suits market etc?

 

@WestOz yes alot quicker than I was expecting. It's a completely different market than 12-18months ago. I feel for those without a rainy day fund that may struggle with long vaccancies. Next two leases are up for renewal in 7 months and 16 months so hopefully thats enough time for the market to recover a bit.

Time will tell.

 

7 months puts you just before the new school term starts, so that should be perfect! Just a tip from what I can gather is that you want to start your marketing well before school term starts.

 

There has been a number of articles in the newspapers telling tenants to ask for a decrease. It doesn't take into affect that they may already be paying current market rent and no reduction needed.
One of my Gwelup tenants asked for a reduction, PM said they would ask me, I said no (I called bluff) and PM replied to them "At this stage the Owner has said no as the rent is at current market rates. If you are having difficulties affording the rent please get in contact as soon as possible" . They quickly wrote back 'no no we can afford it, just been told we should ask for a reduction.'
Mind you they were asking for a 20% reduction which was a touch rude.

 

Is this during a lease?

The news reporters forget that a lot of landlords never put the rent in the middle of the lease in the 2013 boom.

 

Yes during a lease - so even more rude. They had nothing to negotiate back with. They aren't due to renew until August and this was back in April.

 

If you don't ask you don't get

 

Very true, so I had no problem with them asking, but denied nonetheless

 

We've been renting a 3 bedroom apartment in Vic park for about $585 for the last couple of years. Just saw an identical one going in the block for $500 and have noticed prices in the area in general seem to have come down a lot since when we moved in . I can imagine that would be a bit of a shock to see a reduction in that kind of rent but oh well. You win some, you lose some.

 

As the old saying goes, When the going is great, put that extra into the rainy day fund to get you through the tougher times comfortably!

 

We are lucky in that we currently have tenants in several IP's that are there for the long term and on 12 month leases

 

@Dumbo Absolutely! Win some, lose some.
@HD_ACE Yes, there is certainly a rainy day fund for this exact situation.
@Redwing Nice work! Hopefully the leases don't run out in winter

 

Ok, finally some good news! There are currently two solid applications in. Both seem suitable. Agent is currently processing the applictions and will let us know. Good news finally!

 

Oh good luck PG!! I got one application last week but applicant had 2 terminations for nonpayment, broke lease after 3months and had a bond claim for damage. I said I would think about it.... for a second!

 

that's not good. Mine are shaping up to be a lot better than that hopefully!

 

I left out of my last post when i said, 'win some lose some" that I was actually asking for a rent reduction to $500. The owner offered a reduction to $550 but wanted us to sign a 12 months lease. Reckons hers is an "executive apartment" with a location that isn't matched by others. Lady, I'm telling you there is one just downstairs for $500!

 

Yeah, wow! I think I would take the $500 considering there are 45 three bedroom properties in Vic Park at $500 pw or less. Tell her if you don't get your $500, you will move in here at $485 pw, walking distance to the shops and train!

http://www.realestate.com.au/property-townhouse-wa-victoria+park-416096813

 

Well, the tenants moved in yesterday. They seem ok. I hope they work out.