the longest time vacant

Longest time to get a new tenant was one month, apart from that one week is the norm.

 

A nice strat I have heard of is drop your rent by $5 pw for each week it is unrented.

Say week one you list at $400 pw and it takes 4 weeks to get rented, so you rented it out for $380 pw.

The lost rent of 400, 395, 390, 385 = $1,570, this is money you cannot make back.

The difference of $5 pw to accumulate $400 is 1.5 years if you stick to your guns.

If you stuck at 400 for 2 months (8 weeks) until you got a tenant compared to the 380 after 4 weeks that $20 of the difference (380x4 = ~$1500) would take about 1.5 years to recover.

If you make drastic changes after week one (or accepted dropping from 400-380) that $3,000 it would take nearly 3 years. Of course if it took one week to get the 400 it would only take 19 weeks so it can pay to wait.

 

8 days ( and counting ) for my first IP

 

Getting the sweats yet wombat???

 

No. Can cover the mortgage repayments for 4 months with buffer on that IP and years if I eat into my savings/offsets.

Naturally don't want to wait that long for a tenant or eat into my savings. Will look at dropping the asking rental once it has been on market for 2 weeks.

 

My latest IP was on the rental market for about 2 weeks as well before it got leased..