Information for Landlords
Overall, there is solid supply and demand for rental property in South Australia. The rental vacancy rate currently sits at between 3-3.5% in most areas. During the late 2000's, vacancy rates dropped to below 2%, but as the economy has slowed, the rental market has returned to more sustainable levels.
Generally, properties which are well presented, well located and priced for the market will rent within a 4-6 week period. If you haven't secured a tenant in this time frame, it is important to review the situation. REISA always recommends that you use the services of a professional property manager who is a REISA member.
The intense competition between prospective tenants has meant that in some cases property managers have been offered more than the advertised rental rate.
REISA and its members are always conscious of the need for to deal fairly and honestly with prospective tenants, especially in the current tight residential letting market.
Therefore, REISA has developed guidelines for residential property letting.
- Any quoted price for a rental property must be one that the landlord is willing to accept
- Property managers must undertake proper checks to ensure anyone making an offer will be suitable as a tenant, should the landlord accept their offer. These checks should be carried out before offers are referred to the landlord
- Property managers must not initiate a bidding process for residential rents. If prospective tenants offer more than an advertised rent, the offers must be referred to the landlord. Property managers must recognise the distinction between receiving higher offers and actively soliciting them
- If a property manager receives multiple offers, they must be properly recorded. Every person making an offer must be advised there may be other offers and the landlord will make the final decision on which offer will be accepted. In assessing any offer, price may not be the only factor taken into consideration by the landlord
- Once a landlord has accepted an offer and the successful applicant has been advised, a property manager must not accept any further offers for the property
- All unsuccessful offerers must be advised as soon as reasonably practicable.
To assist consumers with real estate queries, REISA operates a free information service – REISA Query Connect on free call 1800 804 365, between the hours of 9.00am to 4.00pm each weekday. This service is staffed by knowledgeable real estate professionals with many years of practical experience.