There are several states in Australia at the moment, experiencing some weakness in the rental market, due to oversupply and other economic factors.

Some vacant properties in these areas are renting for lower prices with some tenants insisting on lower rents when renewing their leases.

If you are looking at a drop in your rental income, here are some tips from RealRenta, to help you out and put things into perspective:

• The market determines the price, so research the market properly before entering into any negotiations with tenants about price.
• Sometimes lowering your rent is a smart move. You will be worse off if your property is empty so, less rent is better than zero rent.
• The market always goes up and down and in circles. Hold on to your property, the market will surely go up again.
• Don’t overprice your property in this type of market, it could mean longer periods of the property being vacant and no income for you.
• Investing in property is a long term game. Remember that the underlying strategy for property investing is capital growth over time.

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