More Choice For Tenants

As we head into the winter months, there seems to be more choice for tenants looking for residential properties in the Eastern and South-Eastern suburbs of Sydney, according to Damien Caruana - Head of Property Management and Partner of N G Farah.

Caruana says, “at present we have around 95 properties for lease, which is considerably more than what we would normally have during the summer months. Our current vacancy rate is approximately 4.2%, which is quite high for this region of Sydney.”

Due to the large amount of newly completed residential properties in this area, some of these properties are now hitting the rental market and giving prospective tenants even more choice and a wider variety of better properties.”

On average N G Farah leases 65 properties per month however, we saw during the month of May over 70 properties leased through our Property Management branch of the business.

Caruana adds that “we are seeing that the average days on market for rental properties is 23 days. This may seem to be a lot, but by taking into consideration that tenants are required to give 21 days notice, the vacancy factor in real days is only 2. This ensures that our landlord’s properties do not remain vacant for long periods of time and ultimately our clients don’t miss out on opportunities for financial return on their investment.”

N G Farah knows that the best way to quickly lease a property, to quality tenants, is by presenting all properties in the best possible light. This is easily achieved by ensuring the property is freshly painted, the carpet is clean, or new, and making sure that all appliances are working and in good condition. This is a large part of making sure that our client’s properties are able to be marketed effectively – an essential element to the leasing process. Our available properties have professional photos taken which also attracts a wider pool of tenants.

Damien Caruana concludes that “N G Farah has a large tenant database of active contacts which we refer to on a regular basis. N G Farah has over 2,000 properties under management across our 4 offices in South Eastern Sydney, giving us a solid advantage to reaching the largest pool of tenants.”