Property Management Sydney Leasing Update: March 2020

Can you believe it’s March already?! How time flies, before you know it, it’s going to be Christmas again!

We have had a fantastic start to the year! Both January and February leasing results were nothing short of impressive.

On average we lease out about 12-15 properties per month however, we’ve smashed our own record, leasing out 21 properties in February 2020!

Despite the Coronavirus scare, our leasing team has really pushed through and we have had surprising attendance at our opens. There have been some open homes where we had over 10 parties show up. In one instance we asked people to remove their shoes for the open home. Some potential tenants got their shoes mixed up and lost in the end! We had a little chuckle back at the office!

With regards to recent health and safety concerns, we have seen a slight drop in rental demand in certain buildings in the city and in Chippendale where it’s popular with international students. We are yet to see a more dramatic impact, but we’re watching closely!

Based on the last 2 months of results, rentals are taking 1 extra week (than the average 3 weeks) to rent out. About 30% of the time, landlords will have to adjust their asking price in order to secure a tenant for their property.

February 2020:

Total Properties Leased: 21

Average days on market: 24

$746 is the average rent for each property leased

January 2020: 

Total Properties Leased: 14

Average days on market: 27

$792 is the average rent for each property leased

 

Total Activity:
Feb-20 Jan-20
Enquiries 528
Inspections 130
Tenants Inspected 268
Apps Received 93
Enquiries 304
Inspections 87
Tenants Inspected 163
Apps Received 56
Rent Achieved (compared with Initial Asking  Price):
At Initial or First Asking  Price 61.9%
Below Initial or First Asking Price  23.8%
Above Initial or First Asking Price  14.3%
At Initial or First Asking Price 50.0%
Below Initial or First Asking Price 35.7%
Above Initial or First Asking Price 14.3%

 

More on Sydney Rental market and where it’s headed: Read on 

Also please note there is a very important tenancy law change coming into effect this month, this will effect all landlords in Sydney: Read on

That’s it for now. If you’d like a health check on your investment property contact:

Teejay Seo

Teejay Seo 

0401 295 604

teejay@metrorealty.com.au

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