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New Interest-Free Feature Takes The Pain Out of Rentals Bonds for Renters

RentBond allows renters to pay their rental bond, two weeks’ rent in advance and other moving costs upfront and repay in two flexible ways.

If the applicant just needs a short-term loan while waiting on their bond to be refunded from their previous property, RentBond lets them borrow the funds for up to 21 days at no cost. Once they receive their bond refund and pay the RentBond loan back in full within the first 21 days, they won’t pay interest or any other costs.

RentBond benefits for property managers

  • The 21-day interest-free period means renters can fund their new bond at no cost, while they’re waiting on their previous bond to be returned
  • If the applicant repays the full amount within 21 days (e.g. when they’ve got their previous bond back), they won’t be charged any interest or fees
  • All successful applicants will have passed affordability and credit checks
  • No extra paperwork or processes required from the property manager
  • Option to pay the bond directly to the agent’s trust account, to the relevant bond authority or the renter.

RentBond applicants undergo a credit check as part of the process, and other eligibility criteria apply.

Through its joint venture with Fair Go Finance, rent.com.au aims to empower renters with greater financial flexibility and convenience when funding their next rental bond.

Fair Go is providing financial technology to facilitate the expansion of RentBond’s features, taking the product to the next level in terms of convenience and attractiveness.

Making bond payments easier for agents

The already market-leading bond payment solution is just one of rent.com.au’s products and services that make the renting process easier for agents, tenants and landlords. RentBond helps renters cover their bond and moving costs (up to $10,000) while they’re waiting for their bond refund from their previous rental.

The new interest-free feature has the potential to change how people manage their money during their move, Mr Bader said. “It fits with our goal of simplifying the moving process. RentBond is perfect for the savvy renter who carefully controls how and when they pay. It can help with the “cash squeeze” if you’re still waiting on the old bond to be returned but need to secure that new dream property.”

“From real estate agents’ perspectives, it guarantees bond payment on time, with payment made directly to an office trust account, the bond authority (where applicable), or transferred from the applicant themselves,” Mr Bader said. “This means the agent has the security of knowing that the bond is covered”

 

Source: https://www.rent.com.au/agents/blog/rentbond/

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Rental Market Snapshot: November 2019

Median rents

In November, Sydney’s house rents inched lower by 0.8% to $595/week – the first month-on-month decline for this property type in over a year. Despite the fall, Rent.com.au’s latest data shows the New South Wales capital continues to lead the list for unaffordability for both houses and apartments, contended only by Canberra and Hobart, in most cases.

Across the country, national median rents were unchanged for both property types, but some marketing tightening is evident as we move towards the rental market’s busier season, with asking median rents (apartments) up in Darwin (6.3% to $340/week), Hobart (4.6% to $400/week), Adelaide (3.2% to $320/week) and Canberra (2.2% to $460/week). House rents were also up in Hobart (2.2% to $460/week), Canberra (1.8% to $560/week) and Brisbane (1.1% to $440/week).

Despite the upward movement in these capitals, some relief could be felt for tenants in Sydney searching for houses, with a fall finally recorded in the median rent for houses – down 0.8% to $595/week. The median rent has remained unchanged in the New South Wales capital for more than a year.

The most affordable apartments in November could be found in Adelaide, with asking rents now at $320/week (up 3.2% month-on-month), while Perth house prices were still lowest at $370/week, down 1.3% month-on-month.

Price per room in November 2019

The cost of renting a room in Australia increased year-on-year in November, with a rise in both apartment and house rents nationally. The national median for apartments in Australia’s metro areas was $275/week in November, up 3.8% from November ‘18, while house room prices rose 4.5% nationally to $153/week.

Across the state and territory capitals, the biggest jump was in Melbourne apartment room prices, a 10% increase year-on-year, with rooms now priced at $275/week.

Five of the country’s capitals recorded an increase in room prices across both property types year-on-year – Sydney, Melbourne, Perth, Adelaide and Hobart.

Regional rents

Median rents across Australia’s regional areas remained relatively stable in November – just as it did in October – with no change in the median rent of $380 nationally. South Australia recorded the cheapest regional rent prices by far, with a median rent stable at just $280/week. Regional rents were most expensive in the Northern Territory at $460/week, up 4.5% from October.

Time on market

Rent.com.au’s average time on market measure provides context to the movement in asking rents across the country. The most noticeable shift month-on-month was in Canberra apartments, which came off market 30% faster in November, taking 15 days on average to move. Melbourne houses, conversely, came off market 3% slower in November, an average of 23 days to lease on Rent.com.au. Of the five largest state capitals, the most significant change was in Adelaide, where apartments took 20% less time to lease – averaging 16 days on market.

Looking at house rents, the only capital to record a slowdown month-on-month was Darwin. Properties in the NT capital took 4% longer to shift than in October 2019.

 

To view original article and see rental market update table comparison, visit Rent.com.au.

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The Benefits Of A Vacation Rental Property Manager

A top-level short-term rental enterprise requires a certain level of commitment. As a host, you have to ask yourself if you’re up to the task and what resources are available to you. An option you can consider is hiring a property manager to oversee your vacation rental.

Property managers can save you plenty of time, stress and energy. Perhaps you prefer to have full control over your Airbnb, but you may soon find out that quality property managers can effectively take care of your vacation rental and even improve it.

What exactly does a property manager do? Here are some of the tasks a good property manager can conduct on your behalf:

  • Create an Airbnb profile and listings
  • Respond to guest inquiries and handle communication issues
  • Coordinate maintenance and cleaning
  • Replenish consumables (toilet paper, soaps, garbage bags, etc.)
  • Monitor your calendar and rates
  • Create a check-in experience and a digital guidebook for the guest
  • Key management
  • Monitor guest reviews

However, you may be thinking you’ve already created a neat system for those tasks. So here’s a closer look at the benefits of hiring a property manager for your Airbnb.

Professional knowledge, experience and resources

Professional property managers have a better grasp of the market. They understand rates and trends and understand the more technical procedures of managing short-term accommodations. They have access to high-tech management tools and are connected to the top tradespeople in the area. They’ve seen all types of guests and have instincts on how to give each one good experience.

Optimise your income

A successful property manager knows best how to maximise your income ratio. Their understanding of pricing trends and market conditions allows property managers to deliver more bookings.

Proactive communication

This is the key to managing an excellent vacation rental enterprise. Whether it’s communicating with maintenance or guests, your property management can handle communication on your behalf. They’ll also be able to keep you updated on your Airbnb, whether it’s “good” news or “bad” news.

Paperwork and legislation

An effective property manager will conduct and provide inspection reports. They’re also aware of the key legislative matters and updates, ensuring your vacation rental is meeting the right and best standards. And, should any issues arise, they’d be able to advise you, represent you at the tribunal and mediate for you.

 

Now if all those benefits sound great to you, the next question you might have is, “How much does a property manager cost?”

An Airbnb or vacation rental property manager typically charges on average 15% of your nightly rate to manage a Airbnb that is listed fulltime. Charges may still vary and your property manager could charge as low as 10% or as high as 20%, depending on the services offered as well as the size, location and age of the property. Charges will also depend on the range of services you are personally looking for.

If you’re ready to hire a property manager, you’ll want to find one who has your best interests in mind and understands your goals. Here are several key questions to ask when interviewing property managers.

  • How many vacation rentals are you managing?
  • How do you market vacation rentals?
  • What documented systems are in place for property management?
  • What is your process for dealing with repairs and maintenance?
  • How frequently will you inspect my property?
  • Can I have online access to my information?
  • What references do you have from satisfied clients?
  • Do you provide an experience guarantee/promise?
  • Do you have documented experience standards?
  • What back-up staff are there in the event my property manager is sick or on holidays?
  • How frequently will you communicate with me, and what form will it take?
  • Will you only call me when there is a problem?

Are you ready for stress-free vacation rental property management? List your Airbnb with Air-rive now https://air-rive.com.au/contact/

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Find Your Next Cheap Rental Within 10kms Of The City

There are suburbs in each major city that may not be recognised as ‘cool’, but their affordability and close proximity to the city make them desirable. 

For renters who want to buy a home one day, helping pay off someone else’s mortgage isn’t ideal.

Instead, cheap rent will help you save up for your own property one day.

There’s no need to compromise on location, the latest realestate.com.au data reveals cheap rental ‘burbs approximately 10kms from the CBD. Most renters are looking for more affordable property close to the city, according to realestate.com.au executive manager – rent Kul Singh.

“The number one drawcard for renting is location location location with 52% of renters saying it is the most important consideration when choosing a rental followed by 33% on price and 8% on style. These results are from a survey of 3500 renters aged between 18-39.  Being close to the city comes with a lot of advantages like being close to amenities, lifestyle and schooling options,” says Singh.

 

Here are the suburbs with the cheapest median weekly rent price located approximately 10kms from each major Australian city.

The data is taken from the 12 months to 31 August 2019. For suburbs to meet the data requirements, each had to have 10 listings on realestate.com.au for rental houses in that timeframe.

Cheapest rental suburbs close to the CBD

Mawson, ACT

Kitchen

70 Hurley Street is currently seeking new tenants for $480 per week, which is under the suburb median. Picture: realestate.com.au

Mawson is 10kms south of Canberra and the median weekly rent is $510.

The majority of the suburb is made up of independent youths and there are currently 11 properties for rent in the neighbourhood.

Woodville Gardens, SA

outdoor view of the house

4 Seventh Avenue is a two-bedroom rental priced at $290 per week. Picture: realestate.com.au

Being a small city, it’s not hard to live close to Adelaide’s CBD.

However, Woodville Gardens has the cheapest weekly rent out of suburbs close to 10kms of Adelaide.

Here, the weekly rent is $320 and the majority of the population consists of independent youths.

Millner, NT

Balcony view in Millner

15/54 Sabine Road, Millner is a two-bedroom apartment priced at $340 per week. Picture: realestate.com.au

Millner is located near Darwin airport and a short walk to the water’s edge.

It’s 10.1kms from Darwin’s CBD and has a medium weekly rent of $450.

Ashfield, WA

Spacious living room

Currently on the market is this four-bedroom home priced at $400 per week. Picture: realestate.com.au

Ashfield is 9.1kms from Perth and has a median rent of $315 per week.

There are currently seven properties in this suburb to rent.

Ashfield, NSW

White colored kitchen

4/111 Alt Street, Ashfield is a bright and spacious apartment for $450 per week. Picture: realestate.com.au

Another suburb of Ashfield, but this time located in New South Wales and not Western Australia, is a where you’ll find cheap rent within 10.1kms of Sydney’s CBD.

The median weekly rent here is $650 and there is a whopping 201 properties currently for rent in this area.

Maidstone, VIC

Frontyard in Maidstone

51 Churchill Avenue, Maidstone is a three-bedroom home for $480 per week. Picture: realestate.com.au

Maidstone is 10.1kms to the west of Melbourne and offers renters a cheaper option to live close to the bustling CBD.

You will be living among independent youths who make up the majority of the demographic in the neighbourhood.

Median rent here is $450 per week.

Risdon Vale, TAS

Property in Risdon Vale

27 Athena Drive in Risdon Vale is a dream cheap rental priced at $420 per week. Picture: realestate.com.au

It’s no secret that renters flock to Hobart, but this can also mean rental prices are pushed up.

Risdon Vale is 10.6kms from Hobart and has a median rental price of $360 per week.

Chermside, QLD

 

 

Property in Chermside

3/485 Rode Road is an apartment in Chermside priced at $300 per week. Picture: realestate.com.au/rent

Chermside is within close proximity to Brisbane Airport and 10.3kms from Brisbane’s CBD.

The median rent here is $393 per week and there are currently 98 properties on the market looking for tenants.

 

When it comes to getting ahead of the game with renting close to the CBD, Singh provides the following advice.

“Know that you will be competing against plenty of other eager renters – 30% of renters we surveyed are rejected from more than three places they applied for with one of the biggest frustrations with securing a rental being competition.

“So be tenacious and do what you can to stand out from other potential applicants – utilise tools like 1form to complete your online renter profile once, and leverage this to apply for multiple properties you have inspected and are interested in and consider investing in services like tenant verification where you can automate tenant checks for the property manager which may help you stand out from the crowd,” he says.

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