rental vacancies

For those who have heard the stories of tenants queuing to get a rental property.

I have just done a survey of Real Estate Agents in Frankston
Today's figures show there are 350 properties for rent
60% are sitting empty waiting for a tenant
The remaining will be empty within 14 days if not rented out

By searching the web I have found that some of them have been on the market for sale for up to 12 months without result so the owners have turned to rent, a number have been fully renovated and once again they could not be sold at the wanted price.

Then there are the tired rental properties that are now competing with properties that have been tarted up and some which have had the full renovation job done

Agents are now advertising "give us an offer" on rentals

So for any out there who think that this is the time to buy a investment property consider that you will have to bring it up to a good standard to attract a tenant and then you will get about 75% of the rent that you think you should get

I would be interested to hear what others can tell us of their areas

This is the real world not the one that the media and the polies live in