Looks like Sydney rents continue to drop.... Time on market for rental properties across Sydney stretching up to 61 days @Meristone ....aka Melissa another article about Progressive Property Management.... good work.... ...a good agent will perform in any market.
Had a property come up for rent last week. Luck on my side as it rented out within a few days of being advertised. Asking rent was $70 more than I was getting. Agent warned me against asking too much and said don't increase. I stood my ground. Glad I did but again, probably lucky.
You should buy a lotto ticket.... OR you were getting $70+ to what you should have been getting in the first place. Either way it is very easy to find out. Save every property advertised on the suburb and you will know what is happening.
Did the agent back up their recommendation with data or just tell you not to increase based on what it was already rented for? Might have been lucky or you might have still left some $$$s on the table. - Luke
Interesting... I can say that Sydney council rents are either dropping or not changing. Areas 4-8 km from CBD are suffering. Rents in Rosebery, Zetland, Alexandria and Mascot are coming down.
Makes sense from a supply perspective, I think peak supply of OTP over a 6-12 month bandwidth will be 2018-2019, that should put downward pressure on rents.
The latter. I did my own research and at the price I wanted it advertised at, was at the lower end for 2 bedders. I was aware though that people were making offers and asking for incentives on available properties, so the asking rents were a little misleading.
How long before we see Sydney's vacancy rate below 1.5% do you reckon? Despite the common belief of 2.5% or so being a balanced rental market, 2% is when the market is at equilibrium IMHO. Well below that is when you may start seeing people offering more than the asking rent and using desperate tactics.
Just had my public housing tenant ask for $20 per week decrease, and accept $10 per week decrease in Bankstown. Did I do right thing?
Thanks Sash. Although never believe everything in the media.. In some Sydney markets is all about strategy and minimizing vacancy whilst in other inner/east suburbs it’s business as usual.
