By Tim McKibbin, REINSW CEO
The time your investment property sits on the market is lost income. Residential rental availability has risen across Sydney, with demand dropping in the city’s middle and outer suburbs. As vacancy rates rise, so does the bargaining power of prospective tenants who are in a good position to force rent negotiations.
But there are simple ways to attract and maintain long-term tenants. First, take advantage of vacancy periods to improve your property’s appeal. Get an experienced property manager with in-depth local knowledge and good communication skills. This is critical in a competitive market and could mean the difference between a good return-on-investment and an empty property. Finally, be a good landlord. Understand your tenants’ needs and be flexible.