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Rental Property Vacancy rates

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  • DBTH - couple of possibilities. There is quite big net migration at the moment, coupled with few overseas tourists.Those leaving have been living somewhere, now vacant. Those not coming in are no longer using short term rentals, some now changing to standard rentals.

    And maybe some landlords are issuing termination notices while they still can and selecting better tenants.

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    • The migration thing is interesting isn't it... very hard to get a read on where it's going but could be contributing. My assessment of the properties being advertised they don't look to be the sort of property i'd expect on airBNB or similar but I guess there is a market for all types of short term rentals and these may be vacant as a result of their previous tenant moving into a short term rental.

      I have some vacancies at the moment and I'm taking a second and third look look at prospective tenants and am not concerned about my properties sitting vacant for a bit longer than in the past. The cost of a few additional weeks vacant is far cheaper than the cost of securing the wrong tenant.

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      • Originally posted by Don't believe the Hype View Post
        The cost of a few additional weeks vacant is far cheaper than the cost of securing the wrong tenant.
        But, but, how could you?

        The watermelons will be on your back.
        Want a great looking concrete swimming pool in Hawke's Bay? Designer Pools will do the job for you!

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        • Originally posted by Perry View Post
          But, but, how could you?

          The watermelons will be on your back.

          the longer i keep it vacant the lower the wealth tax bill will be

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          • Originally posted by Don't believe the Hype View Post
            the longer i keep it vacant the lower the wealth tax bill will be
            Nope.

            You might want to do some more reading.

            Green policy which by some accounts they will insist on to form the next coalition Government with Labour requires wealth tax to be paid annually on the value of net assets. Wealth tax is not concerned whether the property (family home, holiday home or rental) is vacant or not.

            However, Labour may reconsider its position on a vacant property tax in its next term which mirrors what's happening in Vancouver where an Empty Homes Tax set at 1% of the property value is applied if a home has been unoccupied for more than four months of the previous year. https://www.scoop.co.nz/stories/PO18...f-millions.htm

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            • Originally posted by Sanya View Post
              However, Labour may reconsider its position on a vacant property tax in its next term which mirrors what's happening in Vancouver where an Empty Homes Tax set at 1% of the property value is applied if a home has been unoccupied for more than four months of the previous year. https://www.scoop.co.nz/stories/PO18...f-millions.htm
              Or they might not since they said no new taxes this coming term.

              Comment


              • Originally posted by Wayne View Post
                Or they might not since they said no new taxes this coming term.
                Do you believe them?

                We heard the very same claim in September 2017 from Jacinda Ardern.


                Then we got a regional fuel tax, higher taxes on petrol, waste, alcohol and tobacco, increased RUCs, a 5-year bright line test, ringfenced rental losses, a tourist tax, GST on international roaming charges, a new business reporting IP levy and more.



                Is it even a decision that is theirs to make given the possible need to appease a coalition partner?
                Last edited by Sanya; 13-10-2020, 06:33 PM.

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                • Originally posted by Sanya View Post
                  Do you believe them?

                  We heard the very same claim in September 2017 from Jacinda Ardern.


                  Then we got a regional fuel tax, higher taxes on petrol, waste, alcohol and tobacco, increased RUCs, a 5-year bright line test, ringfenced rental losses, a tourist tax, GST on international roaming charges, a new business reporting IP levy and more.



                  Is it even a decision that is theirs to make given the possible need to appease a coalition partner?
                  Yes I do.
                  We'll just have to wait and see.
                  National is running scared and lying left right and centre.

                  Regional fuel tax is new - higher taxes aren't new. (National said they wouldn't raise GST then JK did just that.)
                  5 yr bright line isn't new - National brought in the 2yr version.
                  Ringfenced tax loses aren't a tax at all.
                  GST on roaming - extension of the GST net, like making people pay GST on overseas purchases.

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                  • Perhaps the problem implicit in what Sanya and Wayne observe, is in having to pick which opportunist lies the least?
                    Last edited by Perry; 14-10-2020, 05:35 PM.
                    Want a great looking concrete swimming pool in Hawke's Bay? Designer Pools will do the job for you!

                    Comment


                    • Originally posted by Perry View Post
                      Perhaps the problem implicit in what Sanya and Wayne observe, is in having to pick which opportunist lies the least?
                      I could agree with you.

                      Comment


                      • Porirua rentals the most expensive in New Zealand.

                        “In September, the number of rentals listed in Porirua was down 6 per cent when compared with the same month last year. Demand, on the other hand, shot up 17 percent on last year, he said.”

                        https://www.stuff.co.nz/life-style/h...strict-to-rent

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                        • The late October TM reports are no more encouraging for would-be tenants.
                          Want a great looking concrete swimming pool in Hawke's Bay? Designer Pools will do the job for you!

                          Comment


                          • Originally posted by artemis View Post
                            Porirua rentals the most expensive in New Zealand.

                            “In September, the number of rentals listed in Porirua was down 6 per cent when compared with the same month last year. Demand, on the other hand, shot up 17 percent on last year, he said.”

                            https://www.stuff.co.nz/life-style/h...strict-to-rent
                            Thanks for sharing Artemis - I'm not surprised... I've been looking at these stats for a fair while here and I thought they'd come off the boil a bit since Sept.

                            What disappoints me is that the analysis of these so called Journalists is so poor - they've essentially picked up on a press release from TM and read it out on various media outlets with some basic graphics...

                            They compared Porirua to Auckland - No mention of different types of dwellings, not sure how many 1br high rise apartments there are in Porirua but i'm sure they number of apartments is skewing the average down in Auckland.

                            No talk about how Porirua is not just Eastern Porirua/Cannons Creek and that Whitby/Plimmerton have some very large estabished houses or that the new suburb of Aotea is renting (rightfully so) at high prices for high end builds.




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