One of the most common things we come across when we take over a new property to manage is that the weekly rental income is fairly low. Recently the rental market has been increasing. Slack property managers or people that self manage sometimes miss the opportunity of increasing rent to current market value. A $20 or $30 increase doesn’t seem like much but if you do that every few years it starts to add up. For example if over 3 years you’ve increased the rent by $20 a week each time that’s now around an extra $3,000 a year you are earning.
We’ve taking over properties that have been under rented as much as $150 per week, which is around $7,800 income a year the owners have been missing out on.
So how can you check if your property is being under rented ? Start by finding out when you last had a rental increase. If it was some time ago, an increase is probably due. Also look on realestate.com.au for similar properties that are being advertised in the same area as yours, lastly you can always contact us to do a rental appraisal for you.