Let’s Rent Monthly Property Management Update – November 2020
Conditions have been pretty much the same as October with inconsistent numbers and interest in rental properties. The one bed and studio market in inner Sydney is still experiencing an excess of stock which is putting pressure on rents. The three and four bed market has picked up with more enquiry from tenants ready to move. For example, we leased 311 Annandale Street, Annandale in record time at $950 per week with a tenant moving in just 5 days after we commenced marketing.
Our vacancy rate increased slightly from 2.3% in October to 2.9% this month and the REI October Vacancy Rate came in at a whopping 5.8%. The six month average for the REI Vacancy Rate is at 5.35% compared to Let’s Rent at 2.82%. We continue to engage strongly with potential tenants and we are showing vacant properties 4 times per week. We really think this pro-active approach is working. We picked up a couple of vacant properties in Erskineville this month which were vacant for 2 and 6 months respectively! Suffice to say the marketing was of poor quality and the previous agent was not showing the properties unless an enquiry came through. We refreshed the marketing with professional photographs including virtual furniture and enquiry came in immediately. Both had tenants commencing leases within 2 weeks of us taking the properties on.
Six month average: 2.82%
REI Vacancy Rate Inner Sydney
Six month average: 5.35%