Tweet
No shortage of student flats to let
Wednesday, 8th February 2006
LAST YEAR’S flatting blitz, aimed at boosting student awareness of flatting issues, has changed the North Dunedin student flatting landscape, University of Otago student leaders say.
In a break with the past, many flats in the campus area are still sporting To Let signs, and some property owners are already becoming anxious about their eventual letting prospects.
Student orientation activities marking the start of Otago University’s academic year are only about 10 days away.
One Dunedin property manager believes that a more discerning student clientele, seeking flats later this month, will be well placed to negotiate deals, including over leases starting in February, rather than running the usual 12 months, from January.
James Lindsay, the university’s director, accommodation services, says students should negotiate better flatting deals.
Students are in a much stronger position than they have been in, perhaps, for five years, Mr Lindsay said in an interview.
I think that’s a good thing.
The flatting blitz campaign run by the Otago University Students Association last year had helped raise student awareness of flatting issues, he said.
Empty flats can be seen in several places close to campus, such as Dundas St, where they had been almost unheard of at this stage in previous years.
Overall listings with the university accommodation service had risen from 911 flats at the same stage last year to 1127 this year, Mr Lindsay said.
Of those flats, 318 were recently still vacant, well up on 133 flats at this time last year.
Average rentals for a bedroom in a good-quality Dunedin four-bedroom student flat last year were about $82 (unfurnished) and $84 (furnished).
Those rentals were likely to rise by about $2.50, respectively, this year, he believed.
Asked if the flatting situation amounted to a glut, he said this term was too emotive but there was clearly some oversupply at this stage.
Students association president Paul Chong said the association’s campaign had emphasised not rushing into renting flats too thoughtlessly. Students had also been urged to opt for flats in the suburbs, not just those close to campus.
The campaign had included a flatting audit, providing a flatting data base, and a landlord of the year contest to reward excellence among landlords.
Although many students had yet to return to the city, there’s definitely an oversupply of flats.
The association would continue its flatting campaign this year.
As with any lobbying activity, it’s great to see some results, he said.
Otago University students, Anthony Matsopoulos (22), a second year BCom student, and Patrick Hussey (25), a second year sociology student, began renting their Hyde St flat only about two weeks ago.
They and their flatmates were paying $87 each for larger rooms and $75 for a smaller room, for a full-year lease, they said.
Although they had gained their flat at almost the eleventh hour, it was much better than their previous flat.
Just don’t jump the gun, was Mr Hussey’s advice to other flat-hunters.
Craig Paddon, the president of the New Zealand Property Investors Federation, said the Dunedin student rental market remained fundamentally strong.
The student campaigns the Otago Polytechnic Students Association also ran one had helped raise awareness of flatting issues.
The Otago Property Investors Association, a regional member of the federation, had for several years also been striving to improve flatting standards through its voluntary code of practice for student flats, Mr Paddon said.
Barbara Angow, the manager of Platinum Properties, a Dunedin property management company, said the company had recently established a staffed desk at the Dunedin International Airport to provide arriving students with information about flats.
The key for any concerned landlords was listen to the students, Mrs Angow said.
There were now prospects for some students to negotiate with landlords over the starting dates of their leases and some other matters.
The overall standard of Dunedin student flats had risen greatly in recent years and many more flats would be leased in the coming weeks.
However, any that were still empty by early March could ultimately remain unoccupied for several months, she said.
Some landlords were already becoming anxious about that possibility, she said.
Jim Casey (64), an experienced property investor and Dunedin North representative on the property association executive, believed there was no flatting oversupply near the campus.
However, he noted that the overall supply of student flats had recently been increased, including through infill development and by modifying existing flats to provide more bedrooms.
Property investors who had listened carefully to the market and provided good value for money could still expect to do well, Mr Casey said.
However, immediate prospects were not as bright for people whose properties were not well maintained or good value for money.
There could be a correction and bring their high expectations back to reality, he said.
Wednesday, 8th February 2006
LAST YEAR’S flatting blitz, aimed at boosting student awareness of flatting issues, has changed the North Dunedin student flatting landscape, University of Otago student leaders say.
In a break with the past, many flats in the campus area are still sporting To Let signs, and some property owners are already becoming anxious about their eventual letting prospects.
Student orientation activities marking the start of Otago University’s academic year are only about 10 days away.
One Dunedin property manager believes that a more discerning student clientele, seeking flats later this month, will be well placed to negotiate deals, including over leases starting in February, rather than running the usual 12 months, from January.
James Lindsay, the university’s director, accommodation services, says students should negotiate better flatting deals.
Students are in a much stronger position than they have been in, perhaps, for five years, Mr Lindsay said in an interview.
I think that’s a good thing.
The flatting blitz campaign run by the Otago University Students Association last year had helped raise student awareness of flatting issues, he said.
Empty flats can be seen in several places close to campus, such as Dundas St, where they had been almost unheard of at this stage in previous years.
Overall listings with the university accommodation service had risen from 911 flats at the same stage last year to 1127 this year, Mr Lindsay said.
Of those flats, 318 were recently still vacant, well up on 133 flats at this time last year.
Average rentals for a bedroom in a good-quality Dunedin four-bedroom student flat last year were about $82 (unfurnished) and $84 (furnished).
Those rentals were likely to rise by about $2.50, respectively, this year, he believed.
Asked if the flatting situation amounted to a glut, he said this term was too emotive but there was clearly some oversupply at this stage.
Students association president Paul Chong said the association’s campaign had emphasised not rushing into renting flats too thoughtlessly. Students had also been urged to opt for flats in the suburbs, not just those close to campus.
The campaign had included a flatting audit, providing a flatting data base, and a landlord of the year contest to reward excellence among landlords.
Although many students had yet to return to the city, there’s definitely an oversupply of flats.
The association would continue its flatting campaign this year.
As with any lobbying activity, it’s great to see some results, he said.
Otago University students, Anthony Matsopoulos (22), a second year BCom student, and Patrick Hussey (25), a second year sociology student, began renting their Hyde St flat only about two weeks ago.
They and their flatmates were paying $87 each for larger rooms and $75 for a smaller room, for a full-year lease, they said.
Although they had gained their flat at almost the eleventh hour, it was much better than their previous flat.
Just don’t jump the gun, was Mr Hussey’s advice to other flat-hunters.
Craig Paddon, the president of the New Zealand Property Investors Federation, said the Dunedin student rental market remained fundamentally strong.
The student campaigns the Otago Polytechnic Students Association also ran one had helped raise awareness of flatting issues.
The Otago Property Investors Association, a regional member of the federation, had for several years also been striving to improve flatting standards through its voluntary code of practice for student flats, Mr Paddon said.
Barbara Angow, the manager of Platinum Properties, a Dunedin property management company, said the company had recently established a staffed desk at the Dunedin International Airport to provide arriving students with information about flats.
The key for any concerned landlords was listen to the students, Mrs Angow said.
There were now prospects for some students to negotiate with landlords over the starting dates of their leases and some other matters.
The overall standard of Dunedin student flats had risen greatly in recent years and many more flats would be leased in the coming weeks.
However, any that were still empty by early March could ultimately remain unoccupied for several months, she said.
Some landlords were already becoming anxious about that possibility, she said.
Jim Casey (64), an experienced property investor and Dunedin North representative on the property association executive, believed there was no flatting oversupply near the campus.
However, he noted that the overall supply of student flats had recently been increased, including through infill development and by modifying existing flats to provide more bedrooms.
Property investors who had listened carefully to the market and provided good value for money could still expect to do well, Mr Casey said.
However, immediate prospects were not as bright for people whose properties were not well maintained or good value for money.
There could be a correction and bring their high expectations back to reality, he said.
