Property Management Update June 2016
Matt Clifton sits down to discuss the Bathurst Property Management update for June 2016.
Well, last month saw continued steady demand for rental accommodation with our office leasing 35 properties ranging from a 1 bedroom studio flat for $140 per week to a 4 bedroom executive residence for $430 per week.
At the end of June there were 144 vacant properties in the Bathurst Rental market which represents a vacancy rate of 3.2%.
At Raine & Horne Bathurst our vacancy rate is around 2.7% which reflects the great work of our Property Management Team.
Whilst a vacancy rate around 2.5% is considered a good balance between supply and demand, we believe that, given current market conditions a vacancy rate of between 3 – 3.5% will be the norm for some time.
So , if you property is currently vacant and has been for longer that you would like, what can you do to get it rented now?
Well, here are few things you should consider to stay ahead of the competition.
Is my rent in line with comparable properties?
If not it’s likely to sit vacant until properties considered better value are leased.
Have I got adequate heating in the property?
This is a critical factor for anyone renting a property at this time of year in Bathurst. If the answer is no, you maybe waiting until spring to find a tenant.
Does my property need any maintenance?
Poorly maintained may either sit vacant for long periods of time or worse, attract the wrong type of tenants. Plan to attend to maintenance whilst your property is vacant. It’ll pay dividends in the long term.
Would a rental incentive help me secure a tenant?
Incentives such as a weeks free rent may be all it takes to secure a good tenant. And remember, the property may well have sat vacant for that week anyway! So you have nothing to lose.
If you are a property investor, a tenant or if you are thinking of purchasing an investment property or would like some advice, why not give us a call at Raine & Horne Bathurst, All of our experienced Property Management team would be happy to assist you.
Call us on 6331 6555 or just drop into our office at 197 Howick St Bathurst, we would be be happy to assist.