Rental Property weekly rents have increased less than expected during the past 12 months. The median weekly rent for a three bedroom house is $420 per week according to Trade Me statistics. During the last year Christchurch’s residential property rents increased the most at over eight percent bringing the average rent for a three bedroom home to $450 a week.
The huge property value growth has sparked a lot of talk lately about increasing rents and some journos have gone as far as to say Landlords are exploiting the housing shortage.
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.
Stake Property Rentals have provided six tips on how to boost the rental income from your investment property. The tips they provide are not dependant on market conditions. There are actions you can take right now that will improve your property and thus the income you receive from it irrespective of what’s going on in the rental property market.
Self property management is a doodle when everything goes to plan. The tenants pay their rent, respect your property and let you know when something needs replacing or maintained. Ahh the sound of a happy tenant – landlord relationship!
Offering incentives in order to retain a good tenant is simply smart business — it’s significantly cheaper to maintain a current customer by giving them a small gift than it is to market and find a new tenant. But how exactly to retain tenants (or, more accurately since we’re clearly talking about incentives here, what comprises an ‘effective’ incentive) is a question with a lot of potential answers.
Landlords know the woes of being uninsured or under insured. Properties being burnt down, or flooded often make the news. Tenants on the other hand are less informed of their liabilities and often that’s due to a “she’ll-be-right” attitude.
The cruelest word in the dictionary for a rental property owner is “Vacancy”. The mere mention of tenants leaving and a rental property being vacant even if it’s just for a week or two sends shivers down the investor’s spine.
Do you know the amount of notice required for property maintenance versus the notice required for property inspections? This caught out one Landlord who was self managing his rental property and he was reported by his tenant.
But the story doesn’t end there – there is twist that had both the Landlord and tenant stumped and a property management company happy to help out.
Selling your house is regularly rated as one of life’s most stressful experiences. Try telling that to investors who’ve gone through the sale of a tenanted property. I for one know many a hardened real estate agent driven to their wits’ end when selling a house occupied by untidy and unhelpful tenants!
Managing your own rental properties requires the patience of a saint when something goes wrong. It’s hard to keep the emotions in check when you own the property especially if the tenant has damaged it.
There are lot of different ways to screen tenants, but one of the best (and least understood) ways to ‘screen’ is to attract the highest-quality prospects you can in the first place. There are a few solid techniques for doing so — setting a high bar on your prequalifications, for example. Another is to go all-out when you show a property — make it clear that the place deserves someone who loves it as much as you do. That’s why these 13 things belong in your “showing kit.”