The property manager’s perspective
As part of my rental market update, I like to hear what property managers see. Here’s
the latest from our team at Opes Property Management (last updated July 2024) –
From Leah:
“I’m seeing a few things happening. Firstly, the number of rental listings on the market (the rental stock) is the highest it’s been since 2018.
Auckland’s rental stock has risen by 40% in the last 3 months (REINZ). This will soften rents as there are a higher number of properties looking for tenants.
However, my advice to investors is to keep rents at the market rate and allow for a longer vacancy. Don’t drop your rent just to get a tenant in.
Over the year, you’ll be better off. But you might need to get through a few weeks without rent.
I’m also seeing a few new builds coming up for completion. This comes with its own complications. Let’s say you bought a New Build back in early 2023. As part of that, they would have gotten a rental appraisal.
Back then, the Auckland Floods wreaked havoc on the rental market.. Both owner-occupiers and tenants had to move.
There were lots of people looking for rentals, but there was not much supply. This pushed up rents.
Now we’re in a more normal market. So, if you got a rental appraisal back in January – August 2023, the rent may be lower today than what the rental appraisal says.
It can be a drop of up to $100 a week.”
