Hi there just wondering what the rental market in Adelaide is doing, I have seen rents drop hugely in Perth over the last 6 months. I have a property south of the CBD in Adelaide have not increase rent in 2 years just wanting to know if its worth putting up another $5 a week when there lease is up. I seen Westpac put up there interest rate just waiting to see if other banks follow. Matt..
Rent's in Adelaide have have a general trend up as per norm - it's a tight market with low vacancy rates. Macro data means nothing though - best to just check what's available on the market and how it compares to your property, markets within markets may mean you're significantly below, above or at market value already.
I agree with Corey. Best to just go online to realestate.com and have a look at the comparable rentals available in your suburb and go from there.
Adelaide doesn't really have as much CBD glut that other cities have. Is it a townhouse or apartment, how many bedrooms, does it have car space, what kinda condition etc? Happy to have a nosey at it to advise if you like. Otherwise you can do this yourself by reviewing currently and previously available rents online.
Hi Matt The rental demand in Adelaide has dropped from a few years ago. I'm not talking stats, I'm talking personal observation and how long it takes me to rent a house now as opposed to a few years ago. It used to take ONE single open inspection to lease a house, around 15 - 40 groups of people would walk through an open inspection, resulting in 4 - 6 application forms. Landlords were spoilt for choice 2 years ago. I miss those times In the current market, marketing is began at least a month prior to the house being ready, for new settlements we aim to get in before it settles to reduce the vacancy rate. We do multiple inspections per week and the number of people looking through is anywhere from one to four groups. Enquiries are at the lowest they have ever been. Feature listings, expensive premium listings and signboards are now done by property managers due to the fact that rental enquiries are low - everywhere. Tenants are asking about landlords, who they are, how quick they are to act on maintenance, asking for extra features to be added, doing background checks on the agency just like a landlord would do before choosing a property manager. They are no longer just "lucky" to be chosen by the landlord, they now are in a position to do the choosing. This is not only MY observation, this is the observation of any property manager who is currently holding vacant stock in this market. Yes they do lease - every house has the right tenant for it, the negotiation strategies however are very different, my agency does anywhere from 10 to 30 new leases per month, but the work is more difficult and they take longer on the market as a reflection of current market conditions. Experienced property managers can still keep the vacancies low but the market is certainly not tight with high demand - far from it.
That's great, well done I'm finding all the existing properties are accepting rental increases, however vacancies are taking longer to fill. According to the stats there's well above average properties for let on market at the moment, but part of this is seasonal I'm sure. Have a well maintained property and its a lot less of an issue though. There's a few people I know who are looking for a rental at the moment and can't find one, simply because the agents never followup with them or return their calls. There's definitely applicants out there but a proactive PM will convert inquiries into deals.
