i bought this off the plan apartment on the 14th floor..the projected rent is $340/wk….due to competition of other apartments i haven’t been able to find any tenants prepared to pay $340 or $330 for that matter….
Did i err on buying an apartment high up ??….i paid more to go high up (better views) and should expect higher rent than the ones below me but the ones below me are all rented out and tenants want the rent decreased to the same levels….its been 4 weeks that the property is vacant….
don’t know what to do ….any advice much appreciatedmathewc73Participant@mathewc73Join Date: 2005Post Count: 241
Is the 14th floor the top floor? If not can you find out how much rent is asked for on the 15th floor or even other units on the 14th floor?
Also if all has been released at once, the cheapest relative +-2 floors from yours will go first.
You can wait until supply dries up (but still may not get interest) or lower your price.
My partner and I moved into a unit on the 33rd floor of a new high rise in Melb. Ask was $450 a week, however 1 level down ask was $400 and so we offered $400 as there was plenty to chose from and so the landlord had to meet the market.
MatTurtleMember@turtleJoin Date: 2003Post Count: 25
follow Mats advice
it is far better to lower your price by 10-20 bucks (or more) and getting someone in cheaply than having you unit sit idle for long periods of time…if you get a good long term tennant you can always raise rents down the track.
you could also consider adding other incentives to the mix as suggested in some other posts and Steves books
good luck with it
the building is around 28 floors….some of the flats advertised on the 8th floor are around $340-$380 ….but don’t know how much it is going actually for….
Also my agent was the one who were marketing the property and had around 10 to rent out..do you think it was a bad decision to go with them considering they had many other alike properties to rent and that they would not stress on mine as they would have had it been the ONLY property to rent out for them ??mathewc73Participant@mathewc73Join Date: 2005Post Count: 241
If people are shopping around they will easily find all the properties for rent on domain.com.au or realestate.com.au or ring the number on the building or walk down real estate alley in your area.
So what incentive does the potential lessee have to lease yours over the others? Tutle has the right answer with Steves book. All those off the plan apartments look the same brand new. Do they have dishwashers? Dryers? etc. If not maybe add these to yours and you have just differentiated yourself.
What incentive does the agent have to lease yours first over the others? Can you give the agent an incentive or do you really have to find another agent?
MatdepreciatorMember@depreciatorJoin Date: 2003Post Count: 541
Don’t speculate about whether you erred on purchase. All off-the-plan buys are a punt.
A client of ours a year or so ago had the same problem. They bunged in a plasma TV (or some sort of wall hung TV). So there were 10 apartments to rent, but only had a flash TV. It differentiated their apartment.
Yes, they had to invest some more money (albeit on a depreciable item bought on terms), but at least they got the place rented out and got some money coming in.
Maybe you could inspect some of the other apartments on offer and see what you can do to yours to make it different?
Scottprcbryce1Member@prcbryce1Join Date: 2006Post Count: 6
why don’t you approach a travel agent or two and try and put together a Commonwealth games package or two. It will be short term, but it might get you out a spot for a while. This will then allow you time to think about your next move.
If it’s furnished, this would help your depreciations, but if it’s not, you might want to consider buying and then renting it out.