1 bedroom apartment, Melbourne CBD

The apartment was being rented at $500 per week, and we had strategically negotiated a lease term of 14 months (instead of the usual 12 months), so it would end in the peak rental season. In the event that the renters decided to vacate at the end of the lease, we would be looking for a new renter, at the time of year when there is the most renters looking. And this is what eventuated.

Being in the middle of the peak season and after assessing the market, we suggested to the owner that we should test the market at $600 per week.

In the first week, we had 3 inspections, with 18 groups inspecting. We ended up receiving 5 applications (within the typical 25-33% apply rate after inspection) and a suitable renter was secured at $600 per week, commencing on the asking available date. 

The owner received an extra $100 per week. An excellent result.

Previous Rent	Current Rent
$500 per week	$600 per week