Is this an appropriate rental?

[mic1226]

Wellington's friends, just say if I have a 3bdr apartment located in Wellington CBD and I want to lease it for $700,the previous rental was $690.Now the question is,is this a reasonable price? And how can I find out if it is a reasonable price?

[Chemill]

Try your local paper,

Tennancy tribunal website: https://www.dbh.govt.nz/housing/tena...ion=Wellington

The KPI magazine doesn't quote anything as high at $700 for a 3-bdrm house, but I don't know how they collect their data, It may only be from some local property managers and therefore missing private managers - not sure.

Chemill

[Kiwi_Investor]

Sounds high to me to be honest.

You can access market rent info from Housing NZ at the below link.

http://www.dbh.govt.nz/housing/tenancy/Market-Rent/market%20rent%20region.asp

This may be helpful, also phone some PM's and see if they can give you an idea of rents over the phone.

Cheers

[mic1226]

cheers Kiwi_Investor and Chemill !

[Marcus]

Try your local paper,

Tennancy tribunal website: https://www.dbh.govt.nz/housing/tena...ion=Wellington

The KPI magazine doesn't quote anything as high at $700 for a 3-bdrm house, but I don't know how they collect their data, It may only be from some local property managers and therefore missing private managers - not sure.

Chemill

I'm not exactly sure either, but I think the stats are gathered from bonds data submitted to the bonds centre on a month by month basis.

Cheers,
Marcus.

[Lizard]

Rental

Is the apartment furnished or not?

I agree $700 seems very high for Wellington.

I think $480-520 would be fairly top of the range and it would need to be pretty special for that.

Look in Saturday & Wednesday Paper for the last couple of weeks (Library holds them) and see which ones keep re appearing. Also could do a search on Finda ... website.

Happy researching.

[mic1226]

thank you Lizard and I will do a search as you said.
this apartment is not f/f however it has all the white wares and 2 car parks(secured) in the central location. it's got 2dbr, 1single.the master bedroom is huge with ensuite,2 levels....
are those something special to put a rent at this price?

[Kiwi_Investor]

Sounds like it may be more of an executive style apartment, if this is the case you may well get $700 depending on location etc. As I said ring some PM's and see if they can give you an indication over the phone, they may want to do a full apprasial though.

Where is it as a matter of interest??

KI

[fudosan]

this apartment is not f/f

If it's on leasedhold land, you need to be even more cautious. Check when the lease will be reviewed and make sure your rent can cover any hike (can be huge) in future lease review.

[Jarrod]

Hi mic1226.
There are quite a few variables that go into a city apartment rental price. Things like furnishings, view, location, sun etc, all add/detract small amounts from the average rental figure. However having all whiteware, SECURED CARPARKS TIMES TWO can add alot more to the rental figure. Think of it this way, its easy to throw a couch up or down steps or into an elevator, try doing that with a westinghouse fridge. Car parking is $4 p/h central city, unsecured, so to have two secured is prime stuff. This alone almost makes it a "bluechip rental" in any market.
Beware of basing rentals solely on the figures of the Dept Building & Housing market rent info website. While its a great guideline, it sometimes groups unlike areas/suburbs togeather to give an average. This can sometimes massively skew the figures. An example of this is Karori/Khandallah. Like Lizard said look through the Dominion Post this weekend and find a few places that sound like what you have. Call the advertiser and ask a few questions. Look for ads that are $700pw, ask to do a walk through, do a few over the weekend. This will give you the best idea if its worth $700 pw. See if they are willing to negotiate on the rent, this will give you an idea of the state of the market for a rental in that price range. Its all about gathering as much info as you can. Then you are making educated decisions instead of costly guesses.

Jarrod Dove
Dove Property Management
0275858484
[email protected]

[cube]

Hi mic1226.
Beware of basing rentals solely on the figures of the Dept Building & Housing market rent info website. While its a great guideline, it sometimes groups unlike areas/suburbs togeather to give an average.
[email protected]

Once you have established the market rental by doing your research, you can use these figures ( or the more detailed ones in the magazines ) to keep track - if the median rent goes up by 10% and stays there (i.e. its not a glitch but a trend), then the chances are your rent can increase to.

At the extreme ends of the market, like this $700 pw apartment, it may not be as easy as that, as a new block with e.g. 10 more $700 apartments may have an effect on the market, whereas 50 $300 ones has less of an effect as there are more of those available, generally.

cube