Rents Up In Brisbane

We have just let 2 properties - Ascot and Greenslopes with increase in rental $25pw and $40 per week.

In both instances we were offering 6 month lease to bring the next turnover in Jan/Feb and then 12 months. Both new tenants insisted on 12 months, so I relented PM says tenants are seeking security in a tight rental market.
(so hopefully it will still be tight mid next year when they turnover again)

What are others experiencing?

Cheers
Jenny

ps I rountinely try to get an idea of what is happening in Bris by using realestate.com.au. Is this still the biggest resource?


Also have just paid rates to BCC so have 3 lots of greenwaste vouchers etc that I can't use. If anyone can make use of them I'm happy to post.

 

Jenny I could use those vouchers if you have no use for them.
I will Pm my address.
Cheers,
Peter

 

Come September, it looks like my Brissie property will get around a 10% rise....happy days for me. So there is defintely some truth to this.

 

ooops i threw my waste vouchers out ... not much use to me down in melb lol.

 

Realestate.com is still a geat resource, but for rentals there is also SEQ rents that property managerws use to advertise rental properties. It gives you an idea of comparitaive rents etc.. Just something that I use as well as realestate.com

http://www.seqrents.com.au/index.htm

 

Brisbane's rent seem to be on the increase all the time. But looking at for sale signs, they seem to be staying a bit longer now. We have not looked in depth at it for a while just general observation.
Cheers,
Peter

 

Good to see Brissy rents moving- I'm sure my PM's will be receiving an email from me sooner rather than later about this!

The rise just might offset some of those nasty electric eel bills I keep getting from plumbers.....

 

PMs in Brissy have already advised us that we should be seeing $20 - $30 at the end of the current contracts. Unfortunately we will loose some of that to an average 5%...ish rise in rates ... and then interest rates

But it's still better than increasing costs with no rent rise

Dave

 

It does seem a case of two steps forward, one step back at times, Dave. I agree with your sentiment
Rental rises in Brissy, however, are overdue and have been low for some time, in my opinion. Good to finally see them creeping up to the 5% mark.

 

Definately overdue! Commercial also seems to be a low return at the moment, despite media reports of shortages in the market. Maybe these will begin to rise soon also? I'm currently considering a commercial investment in Brissy, but the numbers aren't great on the cashflow side.

Dave

 

Can I increase rent before the end of the current contract or it can only be increased with the new contract???

 

Hi Tropo

See here for all the answers:

http://www.rta.qld.gov.au/increasing_the_rent.cfm

It's a good idea to always revise the rent at least 10 weeks prior to a lease renewal, however, so that the required notice is sufficient.
Good luck with it all

 

Hi Jacque,
Thanks a lot for a helpfull link. I will let you know how I go.