Rental Property Vacancy rates

[Nick G]

That's the turnover factor as well.

Lots of baby boomers selling up.

[artemis]

Interesting aspect . . .

Need to look at the context for that 3%, in the actual TradeMe report. They are talking about drop in rental vacancy listings on their site, not reduction in rentals overall.

[Don't believe the Hype]

Need to look at the context for that 3%, in the actual TradeMe report. They are talking about drop in rental vacancy listings on their site, not reduction in rentals overall.

That's an interesting point. My last property yielded about 30+ inquiries and 10+ applications. My PM didn't need to advertise other properties he had vacant as he had 9 prospects to show through any vacancies.

[Don't believe the Hype]

Porirua rentals down to 25. Down 33% in under a month.

[Nick G]

Queue the wellington rental shortage articles in 5...4...

[Perry]

I suspect certain cities can be expected to head the shortages list, but if / when Dhil Twitford gets his idiotic ideas into law, the rentals vacancies shortage 'bite' will become nasty, infected and spread across the provinces.

Given Taxcindarella's sabre-rattling and toothy threats to the oil companies and supermarket operators, LLs could be next on the stupid socialists hit list.

Wonder if the Oz-owned banks will be spared? (Silly question)

[Don't believe the Hype]

Welcome to the Socialist Republic of New Venezuela

[Nick G]

Second property up for renewal, 6% increase. First one was 7% in the end.

[Don't believe the Hype]

We just had a tenant give notice at $550/wk - first one in a while actually... we thought that $550/wk was about market price. The PM rang to confirm they have just re-let it for $700/wk.

This is starting to get crazy. We’ll take it while we can but it can’t last forever.

[Learning]

We just had a tenant give notice at $550/wk - first one in a while actually... we thought that $550/wk was about market price. The PM rang to confirm they have just re-let it for $700/wk.

This is starting to get crazy. We’ll take it while we can but it can’t last forever.

You have to start wonder where this extra money is coming from. Wages have go up an average 2% in the last year?? Food by more, petrol's getting silly and rents are just ridiculous. Has all of a sudden the renters become higher wage earners or higher wage earners become renters? Have all the immigrants we've been bringing in recently all been super wealthy?

[Don't believe the Hype]

In this case working singles coming together to share a house - $175 each for share accom is not too bad, but not something that we have seen much of in Porirua before now. Historically one earner (at best) with partner and multiple children.

From my perspective, better tenants, less chance of rent default, less wear on the property as they tenants are actually out of the house all day working.

where are the old tenants? I’m guessing moving further out from Wellington.

[Keithw]

Has all of a sudden the renters become higher wage earners or higher wage earners become renters? Have all the immigrants we've been bringing in recently all been super wealthy?

no, just more people crammed into the same property
people sharing rooms
at the extremes theres hot bedding and couch beds

[artemis]

no, just more people crammed into the same property
people sharing rooms
at the extremes theres hot bedding and couch beds

I think 'crammed' implies disapproval, but sharing rooms need not be a bad thing even if shared by people not in a relationship. Two people sharing a room is not overcrowding.

I do however think overcrowding is a real problem for occupiers and also landlords. There is a lot of talk about damp and mould, but overcrowding is seldom stated as a contributing cause. The Healthy Homes discussion document does not even mention overcrowding, apart from mentioning occupiers sleeping in one room due to other rooms not being heated. (So landlords fault?)

Landlords should be onto overcrowding fast, especially going forward, as households combining is going to get more common. Due to shortages, rent increases and tenants who can't get a rental even if they can afford it.

[Perry]

LLs should be onto overcrowding fast. . .

Definitely something that needs to be in a TA - maximum number of occupants; ideally those named on the TA.

[artemis]

In its September rental price index Trademe reported a 3% drop in its rental listings year on year. In its October report, that has jumped to 6%.

I wonder if the RTA and standards reviews will notice. Or care.

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The TradeMe Report