"Wellington's renting wild west" - must be election year

[artemis]

Wellington's renting wild west: Landlord vetting system, abolition of letting fees proposed to ease woes


My summary of this article:

- Welly rentals on the market dropped by 65% in past year
- Renters United: people have to live in substandard houses because they have no choice
- Wellington landlords and tenants have reacted to complaints about tight rental markets by proposing landlord vetting systems, and the abolition of letting fees. Like that will encourage an increase in rentals
- Ongoing reports of rental shortages in Wellington have prompted calls for a rental warrant of fitness (WOF) system. Ditto.
- Wellington Property Investors' Association as looking at creating a new accreditation system for property owners, self reporting, inspections later. (Ditto)
- Some comments on the article say tenant accreditation would be as useful.
- Green Party co-leader Metiria Turei said letting fees should be consigned to history.

None of those interviewed mentioned the Tenancy Tribunal database, TINZ, the nearly 1000 Wellington rentals advertised on Trademe as of today, or the Accommodation Supplement.

http://www.stuff.co.nz/business/property/92965176/landlord-vetting-system-abolition-of-letting-fees-proposed-to-ease-rental-woes

[Davo36]

Guess the property managers should work for free?

Well meaning idiots these people.

[Nick G]

It's a lot of work letting properties out. I don't know who should pay it... well either way the tenant does, either indirectly or directly.

[Davo36]

More energy related, but not a million miles away from above, free home health checks by the council in Auckland: https://www.homehealthcheck.co.nz/

[Nick G]

It's easy to be cynical about those initiatives but it's not a bad idea really.

[Davo36]

It's easy to be cynical about those initiatives but it's not a bad idea really.

Been lots of discussion on this in other threads.

I think it only adds costs and hassles for landlords. For no real benefit and costs get passed on to tenants, so only hurts them really.

[Perry]

Green Party co-leader Metiria Turei said letting fees should be consigned to history.

I'll agree to that. But only so long as she goes with them.

[Don't believe the Hype]

Out in Porirua there certainly is a shortage of rentals... wonder if 40% deposits had anything to do with that?

Just had a tenant given notice today, only last night I had reviewed the rent thinking in should take the rent up $15 to $365/wk.

Property manager wants to list at $400 because we're doing earthworks that will disturb the tenant moving to $450 wk once the disturbance is over.

That is $100/wk more than we were getting and I thought $365/wk was reasonable as I don't like to raise rents any more than $15/wk for a current tenant as it gets difficult for them.

We've seen 30% growth in P town over the past 18 months and we're seeing yields being maintained don't see that too often

[Nick G]

That's good. Equates to 30% growth over 8 years but don't let that get in the way of a political story ;-) I just bought another place, tell ya the details when I get through the next week of getting it all organised.

[Don't believe the Hype]

True on the CG but the rents have doubled in that time.

[artemis]

Another day, another Wellington 'greedy landlords' article, with the usual journalist interviewing the usual suspects.

Greedy Wellington landlords are fuelling bidding wars among potential tenants by exploiting the capital's desperate rental squeeze - and there's nothing in the law stopping them.

If the number of Wellington rentals has dropped by 65% in the last year, as Trademe indicates, why is nobody asking WHY. The only supposed answers in the article were government needs to do more - by increasing supply (Renters United) or increasing rights of renters (Labour policy coming).

Landlords are the people with most of the answers as they own rental properties - much too hard for lazy and biased journalists obviously.

http://www.stuff.co.nz/dominion-post/business/residential-property/93661199/wellington-landlords-fuel-tenancy-bidding-wars-as-rental-crisis-bites

[artemis]

And following on from the above - the Reserve Bank's housing inflation calculator shows that $440 in Q1 2010 equates to $697 in Q4 2016.

That is more than the CPI inflation calculator - $491 in Q1 2017.

But even taking the midpoint between the two, renters are getting a bargain based on average inflation adjusted pricing.

How hard would it be for the journalist to report that. Obviously does not fit the narrative.

[Perry]

Obviously does not fit the narrative.

You what?

More like: doesn't fit the bias.

[Wayne]

A bit like the greedy vegeatable growers. Article this morning that veges are really expensive at the moment.
Something to do with the weather and supply.
Just greedy!

[Perry]

Right. We need a Vegetable Eaters Protection Society, a Food Price Stabilisation Tribunal, a Ministry of Nutrition and Gastronomy complete with some Compliance Officers to ensure vegetable growers adhere to their obligations and responsibilities, and so on.

Plus a handbook on how to build a better bureaucracy. Properly insulated and double-glazed, of course.