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Increase in private landlords

As sellers fail to sell their homes, a surge of rental properties has come onto the market across all regions, says First National’s John Stewart, although precise numbers are hard to quantify.

Thursday, July 3rd 2008, 9:12AM

by The Landlord

“Our property managers have experienced a small increase in the number of rentals but many people have chosen not to use a commercial property management company and are going it alone. One of our Rotorua agents noticed an increase of available rentals on the TradeMe site rising by 300% in the past two months – from 70 to 220.”

Stewart says First National expects some private landlords to transfer from private management to commercial property managers once they discover what it’s like to be a landlord.


“One of our members recently had a first-time landlord approach him and ask for help to get back $1,400 in unpaid rent. Property investors who stretched themselves to purchase and don’t have the money to make their property attractive to tenants may be caught out with longer vacancy periods.”

Stewart expects scruffier properties to remain vacant longer.

“Owners may have to spend more money to make sure their rentals are up to scratch.”

While more rentals have arrived on the market, rent prices are not dropping as consistently as you might expect. “Most rental prices around the regions appear to be static,” says Stewart.

In Christchurch, First National agents have more rentals on their books, but they expect the pressure to come on as supply increases.

In Wellington’s northern suburbs, rental prices have increased by 8% from last year. In April/May last year the average rental for the area was $370 per week and for the same period this year it was $400. In Auckland’s eastern suburbs, rental prices have risen by about 10%.

But there have also been price reductions in places like Alexandra and Tauranga.


« Will Ha have the last laugh?Auckland house prices fall; pain ‘still in pipeline’ »

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Lender Flt 1yr 2yr 3yr
ANZ 5.19 4.15 ▼4.04 4.49
ANZ Special - 3.65 ▼3.54 3.99
ASB Bank 5.20 4.15 4.09 4.39
ASB Bank Special - 3.65 3.59 3.89
BNZ - Classic - 3.65 ▼3.49 3.99
BNZ - Mortgage One 5.90 - - -
BNZ - Rapid Repay 5.35 - - -
BNZ - Std, FlyBuys 5.30 4.45 4.35 4.55
BNZ - TotalMoney 5.30 - - -
China Construction Bank 5.50 4.70 4.80 4.95
China Construction Bank Special - 3.19 3.19 3.19
Lender Flt 1yr 2yr 3yr
Credit Union Auckland 5.95 - - -
Credit Union Baywide 6.15 4.95 4.95 -
Credit Union North 6.45 - - -
Credit Union South 6.45 - - -
Finance Direct - - - -
First Credit Union 5.85 - - -
Heartland 6.70 7.00 7.25 7.85
Heartland Bank - Online - - - -
Heretaunga Building Society 5.75 4.80 4.95 -
Housing NZ Corp 5.19 ▼4.15 ▼4.09 ▼4.39
HSBC Premier 5.24 3.35 3.35 3.35
Lender Flt 1yr 2yr 3yr
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 5.65 3.85 3.95 3.89
Kiwibank 5.80 4.30 4.34 4.74
Kiwibank - Capped - - - -
Kiwibank - Offset 5.15 - - -
Kiwibank Special - 3.55 3.59 3.99
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 5.70 4.69 4.79 -
Resimac 5.30 4.86 4.14 4.19
Lender Flt 1yr 2yr 3yr
RESIMAC Special - - - -
SBS Bank 5.29 4.85 5.05 5.49
SBS Bank Special - 3.69 3.69 ▼3.89
Sovereign 5.30 4.15 4.29 4.55
Sovereign Special - 3.65 3.75 4.05
The Co-operative Bank - Owner Occ 5.15 3.65 3.59 3.99
The Co-operative Bank - Standard 5.15 4.15 4.09 4.49
TSB Bank 6.09 4.65 4.59 4.85
TSB Special 5.29 3.85 3.79 4.05
Wairarapa Building Society 5.70 4.85 4.99 -
Westpac 5.34 4.15 4.09 4.49
Lender Flt 1yr 2yr 3yr
Westpac - Offset 5.34 - - -
Westpac Special - 3.65 ▼3.54 3.99
Median 5.35 4.15 4.09 4.19

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