Best time of year to rent

best time to rent

Our market has historically been quite stable but there are some trends when it comes to the best time of year to rent out your property.

SUMMER: Canberra has a very fluid population and the Nov – Jan period is always a busy time with lots of tenants looking for rentals as they come into Canberra for work or study. 

WINTER: Always a slightly slower period of time, the cold tends to see fewer rentals on the market and slightly longer vacancy periods. 

 

Lessor costs

lessor costs

By FOX PM

The lessor is responsible for the cost of the following:

(a) rates and taxes relating to the premises;
(b) services for which the lessor agrees to be responsible;
(c) services for which there is not a separate metering device so that amounts consumed during the period of the tenancy cannot be accurately decided;
(d) all services up to the time of measurement or reading at the beginning of the tenancy;(e) all services after reading or measurement at the end of the tenancy providing the tenant has not made any use of the service after the reading.

The lessor must pay for any physical installation of services (eg water, electricity, gas, telephone line). The lessor must pay the annual supply charge associated with the supply of water or sewerage. If the premises are a unit under the Unit Titles Act 2001, the lessor is responsible for all owners corporation charges. 

Attracting good tenants

attracting tenants

By FOX PM

Securing a quality tenant for the best price does not happen by accident; nor does it happen by offering the ‘bare minimum’ standard property. The following list of features that are sought-after by most tenants can be included in almost every property: 

  1. Privacy and security
  2. Heating 
  3. Access to internet
  4. Lock-up garage
  5. Plentiful storage space (cupboards, garden shed, etc)
  6. Well-presented interior (ie interior paint & floor coverings)
  7. Covered outdoor living area
  8. Modern appliances including dishwasher
  9. Good neighbourhood
  10. Low-maintenance yards or include a gardener.

Tenants will pay more rent for features that matter to them. If you are planning on renovating or making improvements, consider who would be most suitable to live at your property.  Is it suitable for families? Couples? Singles? Older residents? Students? Once this is established, you should think about the features that might attract a quality tenant of the above categories to your property. For example, a family home will need proper fencing for children and/or pets; Busy tenants will appreciate no lawns to mow; students will require access to high-speed internet and transport. Money invested in relevant features that tenants want will always reap financial benefits in higher rental returns and lower vacancy periods.

Bond

bond

By FOX PM

A bond is a payment of no more than 4 weeks rent that the tenant pays before the start of the lease. The bond is lodged with the Rental Bonds office. A bond does not have to be applied to a property however the bond is used as an insurance policy for any damage caused to the property by the tenant, keys not being returned by the tenant or cleaning costs if the premises was left unclean at the time of the final inspection.  If everything is ok with the final inspection, a bond refund is lodged and the bond is returned to the tenant. If there are issues, the bond is refunded to the lessor.   A tenant can not use the bond to pay for the rent in the last weeks of the tenancy.

Inspection attendance

attending property

By FOX PM

We conduct routine property inspections to ensure the lease agreements are being met and that the property is being kept in a reasonable state. The outcomes of these inspections are provided to you in a written report in your owners portal however should you feel this isn’t sufficient, we welcome you to attend an inspection.