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Wanted: Four bedroom properties

There is a shortage of four-bedroom rental properties across the country, demand for all types of rental accommodation in Auckland and a small overall increase in rents, according to First National’s latest quarterly residential property management survey.

Monday, November 1st 2010, 12:00AM 1 Comment

by The Landlord

First National surveys its network of property managers around the country every quarter and the nationwide shortage of four bedroom properties was one of the major trends highlighted this quarter.

The balance of supply and demand shows supply of two bedroom properties is even, but three and four bedroom homes are in short supply, although there were regional differences in whether high end or low end properties were in demand. 

While 87% of respondents reported a shortage of four bedroom properties in their areas, just 30% reported rent increases for four-bedroom homes.

Demand for three bedroom properties had a much stronger correlating rent increase with shortages in 65% of regions and rent increases for three bedroom properties in 41% of those regions.

The last two quarterly surveys found the availability of rental property in Auckland decreasing, a trend that has continued this quarter. The latest survey found a vacancy rate to mid October of just 1.7%, where it has hovered since January.

Across the rest of the country (excluding Christchurch) vacancy rates have either remained steady or risen slightly, with a national increase of 1.3% (to 6%) on the same time last year.

"In those areas, predominantly regional towns and cities, landlords are working overtime to retain tenants," said First National general manager John Stewart.

The survey also found rent increases ranged from $5 to $20 per week.

"As one would expect, those areas where it is proving difficult to fill properties, rents have remained stagnant or even dropped," said Stewart.

"We still hear tales of younger tenants and couples heading back to parent's homes, or several couples moving together to share larger homes."

 

« Momentum building in house market, according to ANZFree Investment Property Showcase Events: Auckland, Wellington and Christchurch »

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Comments from our readers

On 4 November 2010 at 10:45 am Sarah said:
You can quickly turn your 3 brm property into a 4 by renting a RoomMate cabin - they're warm, safe, cheap and removable when you do finally get that bigger house.
Commenting is closed

 

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Lender Flt 1yr 2yr 3yr
AIA - Back My Build 4.94 - - -
AIA - Go Home Loans 7.49 ▼5.79 ▼5.49 ▼5.59
ANZ 7.39 6.39 6.19 6.19
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 5.79 5.59 5.59
ASB Bank 7.39 ▼5.79 ▼5.49 ▼5.59
ASB Better Homes Top Up - - - 1.00
Avanti Finance ▼7.90 - - -
Basecorp Finance ▼8.35 - - -
BNZ - Classic - 5.99 5.69 5.69
Lender Flt 1yr 2yr 3yr
BNZ - Mortgage One 7.54 - - -
BNZ - Rapid Repay 7.54 - - -
BNZ - Std 7.44 ▼5.79 ▼5.59 5.69
BNZ - TotalMoney 7.54 - - -
CFML 321 Loans 6.20 - - -
CFML Home Loans 6.45 - - -
CFML Prime Loans 8.25 - - -
CFML Standard Loans 9.20 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 5.69 - -
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Owner Occ 6.95 5.79 5.59 5.69
Co-operative Bank - Standard 6.95 6.29 6.09 6.19
Credit Union Auckland 7.70 - - -
First Credit Union Special - ▼5.99 ▼5.89 -
First Credit Union Standard ▼7.69 ▼6.69 ▼6.39 -
Heartland Bank - Online 6.99 ▼5.49 ▼5.39 ▼5.45
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.60 6.65 6.40 -
ICBC 7.49 ▼5.79 ▼5.59 5.59
Kainga Ora 8.39 7.05 6.59 6.49
Kainga Ora - First Home Buyer Special - - - -
Lender Flt 1yr 2yr 3yr
Kiwibank 7.25 6.89 6.59 6.49
Kiwibank - Offset 7.25 - - -
Kiwibank Special 7.25 5.99 5.69 5.69
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 7.94 ▼5.75 ▼5.99 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
SBS Bank 7.49 6.95 6.29 6.29
SBS Bank Special - 6.15 5.69 5.69
SBS Construction lending for FHB - - - -
Lender Flt 1yr 2yr 3yr
SBS FirstHome Combo 4.94 5.15 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.75 - - -
TSB Bank 8.19 6.49 ▼6.39 ▼6.39
TSB Special 7.39 5.69 ▼5.59 ▼5.59
Unity 7.64 ▼5.79 ▼5.55 -
Unity First Home Buyer special - 5.49 - -
Wairarapa Building Society ▼7.70 ▼5.95 ▼5.75 -
Westpac 7.39 6.39 6.09 6.19
Westpac Choices Everyday 7.49 - - -
Westpac Offset 7.39 - - -
Lender Flt 1yr 2yr 3yr
Westpac Special - 5.79 5.49 5.59
Median 7.49 5.97 5.75 5.69

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