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What are tents doing in Melbourne these days?

Discussion in 'Property Management' started by skyfall, 31st Oct, 2015.

  1. skyfall

    skyfall Well-Known Member

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    I've got a one bedroom unit in St Kilda West and want to increase the rent when the lease is due in January 2016 but the PM is telling me things are flat. I gave the tenant a 17 month lease in August 2014 @ $275pw and want to increase to $300pw. Does that sound reasonable? I said I'd also install a split system to sweeten the deal.

    * rents, not tents
     
  2. D.T.

    D.T. Adelaide Property Manager Business Member

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    I don't know that suburb at all, but so you can answer your own question, review: http://www.realestate.com.au/rent/with-1-bedroom-in-st+kilda+west,+vic+3182/list-1?activeSort=price-asc&maxBeds=1&includeSurrounding=false

    It's sorted in price order - how does yours compare to the others in terms of condition, features, location? Where would it slot into an ordered list?

    Other thing to keep in mind is its far easier to increase rent on a sitting tenant than it is to advertise at the higher rate.
     
  3. skyfall

    skyfall Well-Known Member

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    Thanks Dave, I've looked at comparables and sent her links including this one in the same block which has original kitchen and listing dates from 2012. Mine has better aspect (north) and modern kitchen but same funky bathroom.

    http://m.domain.com.au/listing/7513444

    I reckon market value is $310 but don't want to scare the tenant off as she looks after the place and might baulk at a $35pw increase.
     
  4. Azazel

    Azazel Well-Known Member

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    I actually thought about the small 'tent city' in Belmore Park near Central station in Sydney, thought there might be a similar one in Melbourne.
     
  5. D.T.

    D.T. Adelaide Property Manager Business Member

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    You can always reduce the pain by going to say 295 this time, then bumping it up to say 310 next time around. The tenant isn't going to go thru the hassle of relocating over that size increase, so you get to keep them and collect extra ;)
     
    skyfall likes this.