How is the Upper North Shore rental market performing?
The rental market is performing well, and it seems we have avoided the vacancy rates and rent reductions of other areas of Sydney such as the inner city, those with significant levels of high-density housing and areas around universities.
We are finding that the low stock levels have created some competition for rental properties, especially family homes and in turn, rental returns have steadied and in some cases, had a slight increase. Tenants are still attracted to the area for the lifestyle, excellent schooling options and in particular, family-friendly properties that are in the catchment areas for highly regarded schools.
Where do I start if I want to lease my property?
Firstly, do some research on the local agencies in the area, check their digital profile and reviews from landlords and tenants. Agencies who are busy in sales also tend to have active Property Management departments as the two work collaboratively.
Request a meeting with the Property Manager to access your home, so you can discuss your requirements and get a feel for the service they provide. An experienced Property Manager will advise you on any improvements that can be made to your property to help achieve the highest rental return, and help you with trades to achieve this.
Importantly, they will advise you on any legislative requirements you’ll need to complete to get your property onto the rental market; such as smoke alarms, pool fence and water usage compliance.
Top tips for landlords?
Professional photos and a floorplan go a long way in leasing your property promptly and attracting quality tenants, this seems obvious; however, some agencies do try to get away with iPhone photos!