A changing residential rental property environment in New Zealand means that the time is ripe for landlords and tenants to consider longer term residential leases that are similar to commercial lease arrangements with rights to assign, sublet, and renew.
Over the years Dame Rosanne Meo has lobbied for a law change so all Property Managers are regulated. The Real Estate Agency Authority (REAA) is arguably doing a great job with the Real Estate Agency Act and while property managers within a Licensed Agency are regulated under this Act there are hundreds of property management managers that are not.
Tenants will be happy – the latest news on rent rises is they’ve plateaued. Trade Me’s Rent Price Index reports rents are up just $20 per week compared to the same time last year.
Head of Trade Me Property Nigel Jeffries says:
Auckland rents have increased by 28 percent in last 5 years, while property values in this region have sprinted ahead at 63 percent. In the regions, rent increases over the same period from August 2010 have also moved upwards by 20 percent. Property values outside of Auckland have also increased by the same amount – 20 percent.