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Good Time to be a Landlord?

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Rents are going up with every region experiencing an annual increase and five provinces reaching new records, new figures from Trade Me show.

In May, New Zealand’s three largest cities saw “significant growth” while eight regions experienced double-digit increases.

Nationwide, the country’s median weekly rent has risen year-on-year to $500.

In Hamilton, the median rent rose 10 percent from April, while the median rent remained unchanged in Auckland. The Wellington district rose by 9.4 percent.

Trade Me figures show Upper Hutt saw the largest annual increase of 31 percent, while south Wairarapa rose 21 percent, Masterton 20 percent, and Wellington city 9.6 percent.

“Southland, Taranaki, Northland, Otago and West Coast, in particular, had very strong months with all five hitting new record median weekly rents in May,” Trade Me head of properties Nigel Jeffries said.

“Supply is simply not keeping up with demand around the country, which means landlords can continue to demand top dollar for their rentals. Twitfords starship housing policy, Kiwibuild has been a total failure. It was supposed to increase the housing supply of affordable homes.

“Also, with the new insulation rules for rental homes coming into effect on July 1, we think landlords may be passing this cost onto tenants.”

From July 1, all rental properties must have floor and ceiling insulation where it is possible. So we see the COL loading all these costs onto the landlord and don’t expect a rise in rents?

22 COMMENTS

  1. Bob Edlin: What’s happened to NZ’s housing crisis?
    Labels: Bob Edlin, Housing crisis, KiwiBuild

    The absence of emotive media reports and silence from the lobbyists does not mean the housing “crisis” has been fixed.

    So what happened to New Zealand’s housing “crisis”? Was it real, or just another imagined but emotive issue akin to “peak oil”, the fetish of the Green Party back at the turn of the century which was accompanied by grim forebodings that the world would run out of oil by 2006?

    https://breakingviewsnz.blogspot.com/2019/06/bob-edlin-whats-happened-to-nzs-housing.html

    Of course, it was manufactured by the Greens and they suckered their mates in Labour.
    The Greens have claimed their first scalp albeit poor Mr Twyford. Thankfully Cindy didn’t make one of their nasty kind, a housing Minister.
    Labour should reflect on what the Greens did to them. Perhaps Cindy might wake up and see why Helen wouldn’t have a bar of them. The Nats. as they currently are would probably suck that tit.

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  2. House prices are so dear in NZ.
    Yet we do not have central heating and are only now getting insulation and double glazing.
    If Twyford had addressed these problems, we might have some affordable homes by now

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      • Yes, that was I and I now want to add to that. I have a number of houses (yep I’m a fucking capitalist I know). One, according to the rip off insulation guys didn’t pass muster and please give us ?$2400.00 to put that right.
        As it happens, it was originally a wreck that I fixed and lived in for 12 years so I knew what I had put in the ceiling and underfloor was what was it was supposed to be. There were gaps that OK I couldn’t be bothered filling and which didn’t matter.
        So, today was my day to fix that.
        Went there early when it was cold enough to wear a beanie and the phone said 6 degrees.
        Up into the ceiling where it was more like 16. Wondered why I had any insulation when the house was cooler than the ceiling cavity. Iron roofs do that.
        Down to the garage which is as big as the house. A couple of packs of bats later and wondered again why I needed to do that. The garage faces the sun on two sides and during the day the concrete heats up and it gets nice and warm. It has three sides concrete block so really does get warm. But that warm air is allowed through the floor no more.
        Next thing I will have to put in a heat pump.
        Now in the 12 years, I lived in that house all the heating I ever had was a big size oil heater.

        and then the tenants always have the windows open anyway.

        Grrrr. Fuck the stupid politicians.

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    • That’s correct and last night there was a discussion on Property.com all about that.
      Several who purported to be tenants were saying yeh I should pot my landlord. Landlords pointed out that if they needed to think the consequences through.
      It requires a hearing through tenancy and that, of course, is recorded and that record is available for 5 years. Do you think property Managers are going to let you a house? Probably not.

      And as I pointed out you may well be awarded the $4k but try getting the money. Us landlords have been dealing with that game forever. $10.00 a week. 2 payments then stop. what ya going to do.
      It’s a civil matter and from that point on it is irksome as most of us have found out.
      So good with dobbing others in.

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