There are several states in Australia at the moment, experiencing some weakness in the rental market, due to oversupply and other economic factors.
Some vacant properties in these areas are renting for lower
prices with some tenants insisting on lower rents when renewing their leases.
If you are looking at a drop in your rental income, here are
some tips from RealRenta, to help
you put things into perspective:
· The market determines the price, so research the
market properly before entering into any negotiations with tenants about price.
· Sometimes lowering your rent is a smart move.
You will be worse off if your property is empty so, less rent is better than
zero rent.
· The market always goes up and down and in
circles. Hold on to your property, the market will surely go up again.
· Don’t overprice your property in this type of
market, it could mean longer periods of the property being vacant and no income
for you.
· Investing in property is a long term game.
Remember that the underlying strategy for property investing is capital growth
over time.
Want to advertise your property for Free on RealRenta and also have
access to Australia’s most popular Real Estate sites?
Join RealRenta now for your Free
Trial https://app.realrenta.com/Signup.aspx
Need a property loan?
Contact us @ propertyloans@realrenta.com and
we will arrange for Jon our friendly broker to contact you shortly.
Marlene Liontis
Thursday, 8 August 2019
