Renting out an apartment in Sydney’s inner city is not the same game as leasing a house out in the suburbs. The reality is that the tenant pool, the timing and the things that make a place lease quickly are all different, and the landlords who do best are the ones who lease to that market rather than against it.
Whether your apartment is a wharf conversion, a period block or a new build, here is what actually gets an inner-city apartment leased.
Price your inner-city apartment to the live market
The single biggest reason an inner-city apartment sits empty is price. Inner-city rents move, and a figure that was right twelve months ago can be off today. We price on live comparable rents, what is actually leasing in your building and your street right now, because a week vacant costs more than a small adjustment ever will. It is the same discipline we bring to property management across Sydney.
Presentation punches above its weight
In a market where a tenant might inspect five apartments in an afternoon, presentation is what gets yours remembered. Professional photography, a clean and decluttered space, and honest listing copy do more for your result than any single feature. Small things lease apartments: a working intercom, a tidy balcony, good light in the photos.
Know the building and the street
Inner-city Sydney changes character block by block. A one-bedder behind Macleay Street in Potts Point leases to a different tenant than a warehouse conversion in Pyrmont, or a terrace-style apartment in Darlinghurst. Knowing which buildings lease fastest, what the strata is like and who is looking in each pocket is the difference between a fast lease and weeks of open inspections. We manage right across the CBD and inner city.
Time it to demand
Demand for inner-city apartments is not flat across the year. The start of the year, the university calendar and corporate relocation cycles all move it. Where we can, we time a lease campaign to hit the busy weeks rather than the quiet ones, so your apartment is in front of the most tenants when the most tenants are looking.
Screen for tenants who stay
A fast lease to the wrong tenant is not a win. Every applicant should be checked properly for identity, income, rental history and references, so you get someone who pays on time and looks after the place. In a dense rental market, a good long-term tenant is worth more than a slightly higher rent from someone who leaves in six months.
Frequently asked questions
How long does it take to lease an inner-city apartment in Sydney?
Well-priced, well-presented apartments in the inner city usually lease quickly, because demand is steady and the area does a lot of the selling. Across our Sydney portfolio we average around 8.4 days to lease. The bigger levers are pricing to the live market and presenting the property properly, which matter more than the postcode.
Should I lease my inner-city apartment furnished or unfurnished?
It depends on the building and the tenant it attracts. Executive and corporate tenants near the CBD often want furnished, while longer-term renters usually prefer unfurnished. We look at what is leasing in your building and advise on the option likely to lease fastest and hold the best tenant.
Which inner-city suburbs do you manage?
We manage and lease homes and apartments right across Sydney’s CBD and inner city, including Woolloomooloo, Darlinghurst, Potts Point, Pyrmont and Surry Hills.
Talk to Dylan Henry
Dylan Henry is Business Development Manager and Partner at Lifestyle Property Agency. For a straight, no-obligation conversation about your property — how it is performing and how to get more from it — book a quick call.