Despite falling yields, tenants are expecting more, says Rob MacDonald, director of property management firm Crocker Property Group.
''As housing ownership becomes less affordable, there are a growing number of long-term
tenants with a good tenancy track record,'' MacDonald comments. ''These tenants are savvy enough to know that a good track record is worth something to landlords and professional property managers.''
Hamilton landlord and property manager Win Kerry says families are becoming more discerning in what they expect from a property. In the current market they are going for newer properties and demanding gas heating, automatic door openers, dishwashers and other mod cons.
''The high standards that come with new homes are becoming popular,'' Kerry says.
Nor do families want rental properties with old-style kitchens and bathrooms any more, says
Harcourts Parnell senior property manager Leanne Griffiths.
Crockers, which manages hundreds of properties in the Auckland area, has seen an increase of
tenants negotiating on rents, taking longer to make their decisions about which property to rent and asking for work to be completed on a property prior to accepting it and moving in.
This is particularly so in Auckland's inner city property rental market, MacDonald says. With
supply greater than demand, due to growth in the number of inner city apartments and the decline in the overseas student population, tenants are now in a better position to make demands on landlords.
Professionals looking for apartments in the inner city areas are demanding space, car parks and
great views, preferably of the sea.
Those apartments with good insulation and little street noise are more popular as well as those
with additional facilities such as gyms and pools.
Continuing maintenance is essential, says Griffiths. Given the choice, which they have at the moment, tenants will turn up their noses at three or four year-old apartments in favour of new.
Those landlords that do survive tough market conditions tend to offer properties with space, car parking and have an on-going programme of maintenance.
If you are prepared to meet the market on price, you should have little trouble renting in today's environment.
Tenants want more
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