Rental Synopsis April to August 2019
Landlords seeking the security of longer term leases (2-3 years) will need to discuss rental increase options with their property manager to ensure they don’t miss out on potential gains – these options include dollar figures or percentages every six or 12 months agreed at the beginning of the lease by all parties – you cannot increase the rent every six months to “market value” anymore, this option no longer exists.
Tenants will look at increased rents to stay in a property but expect demands such as the installation of security measures (especially in South Hedland) with the increase. These options should be considered as they offer long term benefits to the property for insurance and depreciation – as well as meaning the property will continually be tenanted.
CURRENT FACTS
Under 100 for rent – 95 Properties Listed for Rent across all agencies in both Port and South Hedland
Lowest vacancy level in 5 years
Height of the market we had almost 500 for rent
HFN have just 27 advertised for RENT
Our Vacancy Rate is less than 2% sitting at 1.8%
Rents are increasing by $25- $100 per week depending on the property
Demand remains strong for quality homes with at least 5-6 groups present at rental viewings
Vacant homes are being advertised between $50 and $100 more than what they were previously achieving.
Read and or download the full Rental Synopsis here