Get ahead of the rental market in 2018
Wellington’s rental market is set to remain hot property next year, with demand for inner city living a popular drawcard for many people.
Rental prices are up 7.1 percent on this time last year, with the latest Rental Price Index saying there are 69 percent fewer homes available for rent in the city. It’s widely predicted there will be a further squeeze on rentals early next year when the city enters its busiest letting period in January.
The changing face of Wellington renters has had a strong influence on our competitive market, with demand for inner city living coming from many different groups.
As one of the of the world’s most livable cities, Wellington draws in creatives from all over the world who want to create a permanent base here. The growth of student hostels in the CBD has changed how students want to live – moving away from the traditional share houses to apartment buildings. We’re seeing more people living in regions like Hawkes Bay commuting to the city to work during the week. Empty nesters are relocating from large family homes in the suburbs to apartment living in the city, to take advantage of the cities, culture and dining opportunities.
Unfortunately, the growing demand for our inner city lifestyle has not kept pace with new developments – to put it simply, more people want to live in the same space. All of these factors will likely see rents rise alongside demand in 2018.
There are simple things that both prospective tenants, and property owners, can do to ensure they’re ahead of the game going into 2018.
- If, in this robust market, your property is not renting, assess all the potential issues – is the rent too high, is maintenance up to date
- Ensure you provide an insulation statement in all new leases and meet all legal requirements.
- Check comparable market rents (or contact us) to make sure you’re aren’t above or below the market.
- Assess the condition of your property (or ask us to do this for you) and create a maintenance plan to tackle any issues.
1. Ensure your referees are aware that you are looking for a new property and that the contact details you have are accurate.
2. Owners and property managers will wish to check your employment details – advise your employer and again check contact details.
3. If attending a viewing – turn up on time, if you can’t make it let the owner or agent know.
4. Beware of scams! If the advert for a property is 50% below comparable market rent then it is likely a scam.
We’re always happy to help, and answer any questions you might have – give our friendly team a call on 04 384 2141.