One of my IPs in Adelaide is a dingy 2BR unit that I call "the dungeon". It's the worst of my rentals, and has always got the lowest rent. When we first bought the property 5 years ago, we were getting $145pw rent. It's always been relatively easy to rent due to it's proximity to a university and hospital (longest period of vacancy was when a tenant broke the lease mid-year and it was vacant for about 6 weeks). We've never really managed to get the rent higher - and until now has continued to be rented for $145pw. With the current tenants moving out in a couple of weeks, I agreed with my PM to advertise the place for $160pw, with instructions to drop to $150pw if there's not enough interest. My PM just informed me that there was so much interest it turned into a rental auction (not by design - it just happened), and it has just been leased for $190pw In this light - I'm going to have to re-assess the rent on my other properties, since I have some that are considerably better and not getting all that much rent (in fact my best property is only getting $230pw ... but that is under-value, with excellent tenants who have been there ever since we moved out 8 years ago). Either way - based on current bank valuations, all the rents have a long way to rise before they get back to what I consider to be average yields - will be interesting to see whether the rental market continues to be tight for a while yet.