The Sydney Rental market is experiencing unprecedented times and many Landlords have experienced these uncertain times firsthand.
There is no doubt that Covid-19 has caused a worldwide economic fallout, resulting in Sydney’s residential vacancy rate to now be sitting at 4%, making this the highest across Australia. The dramatic increase in rental vacancies across Sydney has seen rental prices decrease, with the expectation this trend will continue for the foreseeable future.
We understand these uncertain times may leave landlords across Sydney feeling concerned about their property investment.
How can I best secure my investment during this time?
• Where possible, retain your existing tenant
Tenants are aware of the reduced prices across the rental market, so they are actively looking for cheaper rental options. Facts are most people hate moving! We recommend Landlords work with your property manager to secure your existing tenant. The MGM Martin team have found being proactive with existing tenants has resulted in retaining the existing tenant – saving our landlords advertising fees and loss of rental income.
• Set realistic goals about what your is worth in the current market
Ask you property manager to provide you a current rental appraisal and comparable properties. An accurately priced property will help you maximise enquiry and minimise vacancy.
• Regular revisions of your property’s performance
Our proactive Leasing team work closely with our Property and Business Development Managers to review how your property is performing. Reviewing the market stats alongside your property stats ensured we are armed with the correct information allows us to make educated decisions about your property, instead of simply reacting to the latest inspection.
• Be prepared to negotiate
The Property Rental market is experiencing the highest vacancy rate since 2005. With that in mind we recommend being open to negotiation where possible – after all, accepting $20 less per week in your first week of advertising a property is better then it sitting vacant for a month.
• Consolidate your property portfolio
If you have your property portfolio is spread across various real estate agents, we recommend conducting a Portfolio Check-In with Jennifer Hawke and discuss the benefits of consolidation your property portfolio.
Is it time to move to MGM MARTIN?
Our in-depth knowledge of our local market allows us to offer top tier advice and unrivalled service.
If you need guidance to improve the performance of your investment property, speak to Jennifer Hawke our Marketing and Business Development Manager – we can conduct a Portfolio Check-In to see how we assist you in your property investment journey.
Book a quick sit down or call with Jennifer to see how we can ensure your investment is getting the best return.