Hot Auckland Rental Market

[donthatetheplayer]

I advertised a property earlier in the week. Within 48 hours I had ten groups lined up to view and had to start refusing any more inquiries. Showed all parties through and they all want to rent it. I have increased the rent 4% on what it was 9 months ago. One applicant even offered more than the asking price. Another offered to clean the property after the current tenants leave.

It's always easy to rent this property but it seems like the Auckland market is super tight for tenants. Rents will surely start rising noticeably especially with the rates increases.

Now I'm stuck trying to decide who to offer the place to. So many nice people... just one property available. How do people decide on tenants when in this situation? It doesn't feel right to accept more money than we listed it at. I think the listing price is good enough for me without being greedy.

[GenY]

Hi DHTP,

good or situation to be in. If I was in your situation I would pick the tenant who was first in line.

What suburb of Auckland?

[donthatetheplayer]

Yes good situation. No complaints. Property is in Mt Eden. Appreciate the suggestion. Three applicants really stood out based on their approaches, how long they say they want to stay and careers so might review and see who out of them made the first inquiry and go with that.

Wish I could offer them all a place! The main feedback I get is how many sh*tty rental properties there are. We keep ours in tip top condition and it pays off every time we have to rent them. Makes me wonder about some landlords.. I love feedback about how nice my properties are. House proud of the rentals even!

[Courham]

Not quite the same but was putting a new kitchen in a place last year, doing a general tidy up- painting rooms etc. Stuff out the front made it look like work was being done, had 4 different people stop and ask me if they could rent it, vetted them all and picked the best and didn't even get to advertise. Hadn't run into that in the previous 15 years.

Of the four we had 2 groups stood out we were really keen on but could only offer it to one, my father-in-laws place was also about to become vacant (and not yet advertised) so took the second family to view that and they've been renting it ever since.

Win-win

Craig

[PTILoveYou]

rented out one of my mt wellington/ellerslie border 2 bedroom unit for $420/wk in two days last week.

pretty happy with that.

[donthatetheplayer]

Weird isn't it Gary. The newspaper articles and statistics I've read suggest rents aren't really rising much in Auckland. what are others experiencing? I price my rentals at the top end of the scale when getting new tenants. I know I could ask more and get it but I don't because I try to stay close to what I see advertised... "market rent".

[AMR]

Rented out a 2 bedroom in Manurewa for $380 per week. Initially I was thinking of $370, my property manager suggested $380 per week and luckily she did as we got swamped with queries. There's still a few weirdos around Manurewa who tried their luck with it (one lady wanted to rent for herself but wanted to put up lodgings for '3 guests'), but I had my pick of professional couples to choose from.

[Viking]

No matter who you pick do your checking. Like the olf ford many look shinny on the outside but rusty underneath. check, check and check. Go look at the place they are renting now.

[soundslegit]

I talk to a contractor today who wanted to rent my house. He said he had been trying for 2 months but every house he went to had 30 to 40 applicants. Sad for people trying to get a home.

[Meehole]

Slow as a wet week with anything $900 plus week. They have dropped dramatically.

[donthatetheplayer]

So I selected a tenant and said no to all the others. Another one offered more money to change my mind. Very sad for these people feeling so frustrated at not getting a decent place. And some people are arguing to reduce investor activity... Where will these tenants live then? If restrictions are put on landlords watch the rents rise. Mark my words Mr Wheeler!

[Meehole]

If there were more properties available then the rents would come down. Build more apartments or condos.

[Wayne]

Exactly - investors aren't the saviours.
If investors don't buy them then someone will - that takes out a potential tenant so eases the rental shortage.

[donthatetheplayer]

The tenants I deal with can't or don't want to buy. They are generally professionals with good incomes. They need to rent. They need investors. If investors costs go up, rents go up. That is not good for my tenants!

[Meehole]

There are some 2 beddie apartments being built up the road from us in Stanmore Bay. $415,000 price has just increased from $399,000. First home buyers should be snapping these up to get on the property ladder.