EOM Statements - March.
Our End of Month statement message includes a blog of information experienced each month. We welcome your feedback if you have other questions we can help you with. Please see below for a little bit of a End of March update.
Tenants are advising that Inpex is at the stage of the project where things are winding down.
Companies like Kent, the Electrical trades union etc. are explaining the redundancy plan for workers over the next 4-6 months, to their employees. In a document some tenants are receiving it stipulates no employee is to sign a lease of 6-12 months who are not planning on staying in Darwin after the project.
They recommend month to month leases or a clause to give Notice and vacate early (usually referred to as an employment clause). Tenants are reluctant to break their lease, and we can confirm that a lot of tenants are requesting both.
Periodical leases impact on landlord insurance mainly, and an employment clause doesn’t have the security of a longer term lease.
We are finding that 3-4 month lease extensions are a good “meet in the middle” option. Please consider the lease renewal fees if this applies.
Well, what a WET season we’ve had! This has caused some very mature and large trees on properties to become a concern, lean or become uprooted. If there are large trees on your property please consider trimming them back or getting them removed. Chat to your Property Manager – we’ll arrange some feedback or quotes for you.
Market statistics this month are much the same:
The Darwin average is 40 days vacant and 50 days on market. Our vacancy rate is 7.97% (the lowest since mid Feb) There’s a lot of competition at the moment. 1156 advertised properties confirms that there is a lot of competition. Rents are not only competitive, properties presentation is integral too.
Take the opportunity to modernise properties while they are tenanted. Prospective tenants are looking for freshly painted, modern kitchen and bathrooms, and value for money. Blinds, compared to curtains, are offering a more modern look too. This high supply requires superior marketing and a need for it to be presented at its best.
Ending on a good note, we did 32 new leases this month and 68 lease renewals and we are one of the Darwin top two highest performing leasing agents.
From our Family to Yours: All the best to you and your family for a egg-cellent Easter & Καλ? Π?σχα