How Landlords Are Trying To Stand Out In Crowded Rental Market
Renting a property is taking significantly longer than in recent years and average asking prices are dropping.
Opes Partners economist Ed McKnight used data from Trade Me to determine that properties in South Taranaki are taking 35 days to rent, 23 percent longer than this time last year.
In Stratford, the 33 days it is taking to find a tenant is up 50 percent year-on-year.
Westland's 29 days is 30 percent up and Auckland's 22 days is 10 percent up. Wellington is up 5 percent and Christchurch up 31 percent.
When it came to the property type, McKnight said there was not a lot of differentiation, People were primarily searching for two and three-bedroom properties, and larger places tended to take longer to rent.
Last week, Realestate.co.nz said the rental supply on its site in April was the largest for that month in almost a decade.
Spokesperson Vanessa Williams said investors were holding on to properties, rather than selling them. Some that had been put into the Airbnb market had been brought back into long-term rentals, and some young people were living with their parents for longer or going overseas.
Propertyscouts NZ director Ryan Weir said the change in the market had happened between May and October last year, but he said property investors and landlords could use tactics in their advertising to help let properties more quickly.
'I recommend people have professional photos to make the spaces look bigger and brighter. If you are taking photos on your smartphone, there are websites out there that will sort of touch them up and enhance them to get them towards the quality of the professional photo.'
He said people should also think about the order of the photos they used.
'Have your living spaces or kitchen or outdoor area first, and then your least glamorous ones, like a laundry or a toilet or a bathroom at the back.'
A video walkthrough would also help, he said, as would being careful about the price advertised.
'I don't want to sound like a car salesperson here, but there's a little bit of psychology and strategy that takes place, so a property at $790 a week may get more clicks than the $800 a week.'
He said listings that had been live for a while could be removed and relisted to keep them among the first results on Trade Me.
Allowing pets would also help a property stand out. About two-thirds of households have pets, but only 13 percent of rentals are listed as pet friendly.
A rule change is coming that will allow landlords to charge pet bonds, so Weir said owners would have little to lose, if they acted early and allowed pets. He said people should also ask prospective tenants for feedback.
'If you are a property manager and if someone gives you some constructive criticism, you can say, 'Hey, if we can arrange that for this property, will you apply?', rather than not having that conversation. Now you're working collaboratively with them.'
His experience suggested that a ratio of between 25-35 views every time someone added a property to their Trade Me watchlist was the sweet spot.
'If that ratio goes, say, over 35, it means it might be too expensive or it's not very appealing.'
If the ratio was closer to 20 views for every one person adding it to their watchlist, it could mean the price was too low.
He said things like unaddressed maintenance, or a property that looked damp and cold would put people off. Landlords and property managers should also try to make it easy for people to view rental properties by advertising open homes.
'If you manage to get someone into your ad, and interacting with it and liking the property, it's really important to sort of remove friction… have a number of viewing times and dates set up, so they can elect to take one of those.
'Have the viewing slots ready, so interested tenants can basically act immediately, and when you're at the viewing as well and you're showing these people through, have all your bits and pieces ready to go, like your application links and things like that, so that they can take the next step.'
He recommended landlords keep an eye on the rest of the market and compare their listing to other similar properties.
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