Q: Help! My property has been on the rental market for six weeks and I can't find a tenant! What should I do?
A: Vacancy has two main causes - firstly, the amount of rent being asked, and secondly, the location of the property.
If you can't find a tenant at the advertised rent, then consider lowering the rent until a suitable tenant is found. A good property manager understands this and will direct you accordingly. It is better to have the property rented at a lower rate, than having it vacant for an extended amount of time.
In regards to location, your property should be in a reasonably central location where there is a demand for rental properties, for example, close to transport, shops, schools and employment. These features will help attract tenants.
With interest rates at their lowest for more than 50 years, there are some great rates available. The best thing to do is to compare rates from all the lenders. Let us help take the leg work out of doing this - Compare Home Loans now
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