If you rent out investment property in Perth, you have probably noticed the volatility of the rental market. Last year, rent caught up with house payments, making it more financially advantageous to buy a house than rent it. Those who were able to come up with down payments have been buying houses.
Since more renters chose to buy properties, it created more vacant rental properties and is bringing rental rates down for many areas. That is why it is important to call our property managers in Perth for rental appraisals–on a regular basis.
The rental market is changing on a near-daily basis. For a long time, people with investment properties in Perth have been protected from the worst consequences of the post-GFC property market. Thanks to the mining boom, Perth didn’t suffer nearly as badly as other capital cities.
However, that doesn’t mean that Perth is totally immune to the whims of the economy. Mining has become more competitive and companies are busy cutting costs; that means temporary loss of jobs and shift in domicile for many. However, those who can ride out any temporary changes will be happy to know that Western Australia is still projected for long-term growth–into the 2020s and 2030s.
What this Means for You
During the mining boom, rental property vacancies were nearly as low as 1%. This was a huge advantage for owners of rental properties. Now that many are buying their own properties and some are moving away from Perth, it is important to stay on top of the rental market.
Regular appraisals will keep you abreast of changes in the rental market. This can help you keep your rental property occupied while maximising your rental income. Your rents must be low enough to keep your properties occupied but high enough to maximise your profit.
Our process is to check rental prices in your area for comparable properties. One month of vacancy can cost you money–but so can charging too little rent. We ensure that you have enough information at your fingertips to keep your properties occupied at the highest rents the market will bear.
Call 1300 472 427 today for an rental appraisal. Whether it’s for now or for your retirement, you deserve to maximise your rental income. We can help.
Read an article on: “Reasons to Schedule Regular Rental Appraisals“