With housing affordability at an all time low, commentators are now suggesting New Zealanders need to consider renting long term as their new norm. Embrace renting long term maybe even for life and invest elsewhere away from housing suggests a leading Economist.
Today more New Zealanders are in rented accommodation than every before and they are renting for longer terms, hence the increase in property management companies.
NZ Institute of Economic Research principal economist, Shamubeel Eaqub says we have one of the least ‘rent-friendly’ regimes in the world. In the same article by BNR:
“Australia and New Zealand are some of the most ‘restrictive’ rental jurisdictions from the viewpoint of the renter. Lease terms are short, tenants can be asked to move with short notice, leases can be terminated on almost any condition as long as notice is given, and personal customisation is often difficult.”
Many would argue our legislation is in fact more tenant friendly than landlord friendly and Tenants haven’t wanted long tenancies at least not initially. However times are changing and the longer people are in rented accommodation the more likely it is they want longer tenancies.
Whether the tenancy is long or short the increased use of property management companies is professionalising the rental property industry in New Zealand.
Pedersens Property Management have seen a sharp increase in their services and they are educating both landlords and tenants of the respective etiquettes required for successful long term tenancies.
This blog article was written for PropertyBlogs by Mobilize Mail.