In Auckland or more specifically North Shore, how is the rental market? if you own a property, what kind of occupancy rate would you expect, like 90% of times you can get tenants? Or maybe in terms of 52 weeks, how many weeks do you expect to have tenants? Cheers.
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I agree it varies house by house but a general idea about the rental market would still be very helpful for financial planning. If you can expect the property to be nearly always occupied (95%, the decision you make would be very different from if you need to expect vacancy half of the time (50%).
About the future (or near future), is the rental demand going up or down? How does weather come in the play?
Thanks a lot for your guys feedback
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Where are the stats?
Originally posted by xris View PostNorth Shore is 51 weeks and 2 days.
By the airport expect only 50 weeks and 3 days.
Gem, forgive the sarcasm but the question is meaningless in anything but a purely academic sense.
xris
My experience for my North Shore properties are about four - five weeks a year vacancy. The properties are in good condition we do take advice and charge a fair market rent for the areas backed by a couple of appraisals and we do a bit of remedial work when a tenant moves out which accounts for a bit of the down time.
However, I am interested in the statistics if you would let me know where they are.
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A good quality property in a nice area will always rent well, and don't be too proud to drop the rent if you need to, nothing more expensive than a vacant investment property!. I just had a unit sit vacant for 2 months because the pm was sure the market could meet the higher rent. I told her to lower it but she took ages to do it so i fired her and found someone else who had it rented within 9 days with no advertising, she had a tenant moving from a rent by room situation who wnated her own place and ironically i ended up getting the high rent as initially predicted, which was great cause i'd budgeted to receive $30 less a week. In saying that I was prepared for the lower rent and its great knowing i have a tenant, finally!!
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Planned........$400/52 week........$20,800/annum
Got.............$400/42 week..........$16,800/annum........sleepless nights
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Planned.........$370/50 weeks.........$18,500/annum
Got.......$370/50 weeks.........$18,500/annum...........sweet dreams
xris
As an irresistable dig, you could pay $2,999 to Richmastery robots to be told that my second figures are all wrong while listening to him talk for a weekend about how my first figures are correct. All I ask is a $100 donation from anyone reading my post, creditted via PTalk.com.Last edited by xris; 30-04-2008, 07:26 PM.
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