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What can I do when I’ve lost a tenant in a mining town?

Mining towns can sometimes experience rapid changes in demand for rental properties.

If you’ve lost your tenant and your agent is finding it difficult to re-rent your property, don’t panic, there are things you can do to pro-actively solve your problem.
  • Re-assess your rent. Work out how much negative cash flow you can sustain for a period of time and quickly reduce your weekly rental figure to this amount. This will hopefully make your rental property more competitive than others, thereby attracting a tenant from the smaller field of prospects looking to sign a lease.
  • Speak to your accountant and a property tax depreciation specialist. Work out the deductions available to you and consider your income tax withholding variation position. You can claim weekly deductions to assist cash flow.
  • Discuss alternative marketing methods with your property manager. How can you target your potential next tenant with laser accuracy?
  • Ask your property manager what incentives would make your property more competitive than others?
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