Property investors losing out on rent
Saturday, September 3rd 2011, 6:57PM
Property investors are losing money from delinquent tenants because of delays in getting hearings at the Tenancy Tribunal.
NZ Property Investors Federation president Andrew King said it is a big issue and needs to be fixed quickly as it is costing landlords money.
“At the moment we are losing money,” he says.
Normally landlords can issue a 14-day notice to tenants when there is a problem such as unpaid rent and apply to the tribunal for an order.
King says it was possible to get tenants out of a house in three to four weeks.
In some areas that process is taking up to three months because of delays at the tribunal.
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King says there are a number of reasons for tenants not paying rent, including the state of the economy, however tenants can make applications to WINZ for help.
He says news of this situation is getting known and some tenants are just having a go and not paying rent.
In some cases the tenant leaves and the landlord can chase them for unpaid rent, however some are staying put which means new tenants can’t be housed.
Housing minister Phil Heatley acknowledges there is a problem.
He says issue is about scheduling of court time and the e Department of Justice is making 10% time available to the tribunal for hearings.
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