Monthly Landlord Newsletters

Welcome back to the Propertyscouts monthly landlord newsletter, where we update you on all things New Zealand property market, investor insights, seasonal reminders, and more.

 

Property Management Experts in the Garden City

We're thrilled to announce the expansion of Propertyscouts into Christchurch, the Garden City! Riana Zaayman will be managing our newest Franchise in the Canterbury area. With over 14 years of experience in office management and nearly 2 years in real estate, Riana brings a wealth of expertise and a passion for solving problems and exceeding expectations. Her commitment to creating happy homes and thriving communities aligns perfectly with our values at Propertyscouts.

Visit our website to learn more about our services or contact Riana for a free consultation. Your peace of mind is her priority, from A to Z.

 

Navigating the Decline in Consents: Implications for Property Owners and Landlords

As the residential construction landscape in New Zealand undergoes a notable shift, recent data reveals a decline in the issuance of building consents, sparking discussions about its potential impact on property owners and landlords.

According to statistics from interest.co.nz, the number of new dwellings consented last year dropped by 25% compared to the previous year, marking a significant downturn in new housing projects across the country. 

This downward trajectory is likely to have implications for property owners and landlords across New Zealand. With fewer new housing projects getting underway, there may be a tightening of housing supply in the market, potentially leading to increased competition for available rental properties. 

 

March 2024 Property Investor Insights by Tony Alexander

Stay informed with the latest property insights provided by Tony Alexander. Learn about the developments and trends shaping the New Zealand property market in March 2024.

• More people who previously aimed to keep their property for a decade or more are now considering selling, indicating a shift in their plans.

• Although tenants express significant cost worries and there's a surplus of renters, the average planned rent hikes have decreased.

 

The Latest Ask An Expert from Within the NZ Property Investor Magazine | February 2024

Propertyscouts is a designated Property Management Expert in the popular magazine - NZ Property Investor. Our Managing Director, Ryan Weir, recently entered a response to their recent 'Expert Advice Q&A'. See a shortened version of his entry below:

Question: There's a power outage in my tenanted property due to cable issues, prompting me to consider rent adjustments and tenancy termination under Section 59(1)(b) of the RTA. Is this situation deemed "uninhabitable"?

Answer: A power outage from cable issues might not qualify as "uninhabitable" under Section 59(1)(b) of the RTA, typically reserved for severe property damage like that from natural disasters. While you aren't obliged to cover temporary accommodation, covering Airbnb costs if the tenant continues paying rent is fair. Clear communication with the tenant is essential for understanding temporary arrangements.

 

The Ins and Outs of Lease Assignments

When life throws a curveball or new opportunities arise, tenants may need to relocate unexpectedly. A lease assignment could resolve the matter of their outstanding tenancy.  Acting as a ‘tenant shuffle’, so to speak.

We’ve recently published an article ‘The Ins and Outs of Lease Assignments - What Are They and How Do They Work?‘ for their benefit in this situation. It covers what a lease assignment is, what’s involved in the process and their responsibilities. 

 

March Rental Market and Investment News Roundup

And of course, no newsletter is complete without a quick recap of recent news. Here are some key updates in the New Zealand property investment landscape. 

Speculating on the Reserve Bank's Next Move and Housing Market Outlook

• As focus shifts to the Reserve Bank's upcoming announcements, there's increasing speculation about what actions it might take given recent changes in the market. Analysts have different opinions on what the central bank will do next, showing how complicated the economic situation is right now. With the possibility of interest rates not going down, we're closely watching for announcements and how they might affect people who own property.

BNZ Reducing Fixed Term Loan Rates

• Despite the anticipation that OCR rates will not be lowered in the near future, BNZ has reduced several of its fixed-term home loan rates. This may offer some relief to property investors amid ongoing uncertainty regarding future interest rates. 

Quote to Ponder

"Many of life's failures are people who did not realise how close they were to success when they gave up." – Thomas A. Edison

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Disclaimer

Given the opinions expressed in parts of the email, it’s important that we make it clear that the contents are opinions and observations and made in good faith.  

Propertyscouts NZ (2020) Limited, trading as Propertyscouts, and its associated parties (including directors, agents, employees, officers or otherwise) have attempted to provide   this information to the best of their ability but do not make any representations or warranties of any nature (intended or implied) as to the accuracy of the information on this communication. All recipients of this communication should conduct and rely on their own enquiries in relation to the information on this communication.

The information available on the properties listed for sale, rent or otherwise, has been obtained from the vendor or landlord of the property and the appropriate professional service providers. We do not and cannot verify or guarantee the accuracy of the information obtained in relation to the properties.

The information and/or materials available in this communication are intended to be general information only and may be changed at any time, without notice to you. The information and/or materials in this communication should not be relied on under any circumstances as a substitute for legal, financial, real estate, or other professional and/or expert advice. To the maximum extent permitted by law, Propertyscouts and its associated parties disclaim all liability, responsibility, and negligence for any direct or indirect loss or damage suffered by any person arising from the information and/or materials presented in this communication or any information and/or materials that arise from it.