Rental Market Snapshot - Rotorua

Well Spring is here and according to one particular agent in Rotorua, along with the slightly warmer weather, it brings a high vibe to the Property Market, be it for rentals or sales.

Donna Russell, a well respected Property Manager and investor herself provides this valuable insight into the Rotorua rental market.

Rotorua is experiencing high enquiry from prospective tenants looking for new accommodation - particularly from locals who are wanting to either up size, down size, gain a feature that their current property does not offer, or generally just want a change.

Property Managers should be able to offer a range of well presented properties that meet their needs which, right now is an absolute challenge due to the stocks being so low.

What type of properties are in demand?

Well presented, three bedroom family homes, that offer a tidy standard of living, heating, covered car parking and fenced sites are always in demand.  Those in well sought after areas are extra popular often resulting in multiple applications meaning we, as Landlords, can be very selective in our choice of tenants.

Is it a good time to increase the rent?

It's a time to consider reviewing rents within your portfolio and increasing them where feasible.  With the rise of GST about to come into effect and results of the budget imminent early next year, tenants are almost expecting an increase.  The responsibility of a Property Manager is to ensure the increases are keeping within market prices, are fair and reasonable and are not excessive enough to cause the tenant to relocate.  By being a fair Landlord and maintaining the property to a good standard, tenants generally will not act impulsively.

Unbelievably, in a local newspaper recently, another local Property Manager advised tenants to demand rental decreases or that the Landlord make improvements to the property!!   Landlord/tenant rapport is very important and when each treats the other with respect, a great relationship is formed.

According to Donna, Rotorua is certainly worth considering for your next investment property. "No matter what your strategy, there are some fantastic opportunities up for grabs.  Just yesterday I came across a great three bedroom family home in a good area, very tidy, but in need of landscaping and some exterior paint.  It has a 9% yield at the asking price.  Think of the possibilities after negotiation."

Donna Russell
Russell hardie Property Investment Solutions
http://www.russellhardie.co.nz
 

Disclaimer  |  Privacy Policy  |  Shipping Policy  |  Refund Policy