Latest news with #Realestate.co.nz
Scoop
13-05-2025
- Business
- Scoop
How Landlords Are Trying To Stand Out In Crowded Rental Market
Renters in many parts of the country are in a prime position, as the number of rental listings they have to choose from reaches record levels. 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, 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.
Scoop
13-05-2025
- Business
- Scoop
How Landlords Are Trying To Stand Out In Crowded Rental Market
Renters in many parts of the country are in a prime position, as the number of rental listings they have to choose from reaches record levels. 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, 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.
1News
11-05-2025
- Business
- 1News
There's more good news for tenants
It's a good time to be a tenant, new data suggests. said the supply of rental properties across New Zealand was at the highest level of any April in almost a decade, last month. There were 5868 new listings on the site in the month, up 24.1% year-on-year. The last time the number listed was that high was in April 2016. Auckland had the largest number of new listings followed by Canterbury and Wellington. Wellington's average rental price was down 7.2% year-on-year to $647 and Auckland's down 3.3% to $702. The national average was down $14 a week. spokesperson Vanessa Wiliams said $14 extra in a tenant's pocket per week over a 52-week period could result in a saving upwards of $700. "That's a nice three-seater sofa for the flat or a weekend away. In today's current economic climate, $700 can go a long way." She said there were a few reasons for the increase in listings. Some were short-term rentals now being offered for longer terms. "Looking at tax data, the number of properties that were being taxed in the short-term rental bracket had decreased and the number being taxed in the long-term bracket has increased. "New Zealanders weren't travelling as much, they didn't have as much disposable income, the Airbnbs of the world weren't being used as much so the income of those had declined." Another was that young people were staying at home longer with their parents because of the cost of living, or moving overseas. A slower sales market also meant that investors were holding on to their properties. "When a big in flood of properties happened was about May last year and the reason we put it down to was - the stories around the bright-line test changing and interest deductibility changing, that started happening in January and February last year. "What happened was a large portion of investors took their properties out of the rental supply to get them ready for sale and then quite quickly worked out that if they did the maths on it, if they had bought in the last couple of years they had not realised the capital gains they wanted. "You saw a bit of a flood coming back into the market as rental stock when it had come off for two to four months." She said two increases in supply and one decrease in demand meant rental property stock had been healthy for a year now. Central Otago and Lakes went against the trend with all-time high with an average rental price of $870 per week in April, a 3% increase year-on-year. Although the region's 148 new listings reported in April was a 22.1% drop from the 190 listings in March, the region's April numbers reflect a 35.8% year-on-year increase. "Central Otago and Lakes' rental activity corresponds with our sales property data, which confirms the region's reputation as one of the most highly valued markets in the country," Williams said, "It's not surprising to see this region continue to command top dollar with its beautiful homes, attractive lifestyle, and strong tourist market. "But any warm dry healthy home near good schools or bus stops and public transport is always going to be well demanded from tenants. "Newer homes definitely, people with young families want to keep their little ones warm and dry. There will be markets right across New Zealand where there is rental stock challenges happening for a very long time that's where you see high demand."
Otago Daily Times
09-05-2025
- Business
- Otago Daily Times
Central Otago and Lakes buck rent drop trend
A renters' advocate says tenants are still paying too much rent, despite an increased supply of rental properties driving down costs in some parts of the country. April data from showed a surge in rental listings, resulting in lower average rents - particularly in major cities. Wellington's average rental price was down 7.2 percent year-on-year to $647 and Auckland's down 3.3 percent to $702. The national average was down $14 a week. Central Otago and Lakes went against the trend, with an average rental price of $870 per week in April, a 3 percent increase year-on-year and an all-time high. But Renters United president Zac Thomas said the data also showed that in half of New Zealand's regions, the cost of rent has either stayed the same or increased compared with this time last year. "The reality, what we see at least, is that New Zealand is one of the worst places in the developed world to be a renter," he told RNZ. "Rents have gone up 25 percent since Covid, and renters now have less housing security thanks to the government bringing back no-cause evictions." He said any money tenants had left over from reduced rents would go towards paying for essentials such as food and heating. spokesperson Vanessa Wiliams said there were a few reasons for the increase in listings including: Short-term rentals now being offered for longer terms, with fewer people travelling Young people staying at home longer with their parents because of the cost of living, or moving overseas A slower sales market prompting investors to hold on to their properties. Thomas advised tenants to lock in any rent reductions with a 12-month contract. "Make sure you do your market research in the area in which you're renting before you go and move, because you might actually end up paying more than you are if you have been a solid long-term renter, and your landlord has recognised that and keep your rent pretty consistent."
