I have been looking for a rental for the last 4 weeks and I am a little astounded by the level of competition among the renters.
With the properties I inspected, if the rent was right around the median level, the competition was fierce; people would pre-fill the application and hand it in even before they walked out the property.
By law, you can’t apply for a property without inspecting it first.
On the other hand, the properties with slightly higher asking rent attracted a lot less interest despite their way more superior interior quality and ideal location.
It’s not absolutely necessary for me to move, so I wasn’t really frustrated that I didn’t get any properties.
Looking at it from a property investor’s perspective, what I witnessed over the last 4 weeks validated the theory of always investing in the medium priced residential property in the suburb where your finance allows.
It ain’t rocket science to figure out where to buy.
At the end of the day, it comes down to what YOU could buy instead of what other people think you ought to buy. It’s not their money after all.
People pay median rent for the median-priced property. Those properties rarely have any issues appealing to the market.
While it’s definitely awesome to buy a spectacular place and live like a king or queen, it might not be a sound investment decision as a property like that often means you are paying a premium for the features that don’t necessarily appeal to the mass market, and therefore making it a less attractive investment option.
It’s an investment. Have your target market in mind when making the decision.