June 13, 2023
The Auckland rental market is constantly changing, and keeping track of these changes can be hard. However, staying on top of things is important if you're a rental property owner who wishes to keep their properties filled.
How Auckland's Rental Market Has Changed In 2023
Many factors can affect Auckland's rental market and cause things to change direction. For example, the COVID-19 pandemic didn't just affect the way we view health and safety standards; it has also affected the rental market. The pandemic allowed more people to work remotely, which encouraged more people to move to the fringe of the city, which caused rent to rise in these areas.
Even now, we are still seeing more changes due to an increase in demand for international students and skilled professional workers. The most notable changes in the local rental market are:
- Rising Rent Prices. Rent prices have recently risen to the highest they've ever been. Rent prices in Auckland have been rising steadily in recent months, and it's unclear if prices will lower any time soon. Why? This may be due to several things, including the increasing cost of living that is affecting Aotearoa and the lack of available housing.
- Higher Demand. The increase in demand for students and workers has led to a higher demand for Auckland housing. More and more people are also moving to Auckland, which is creating even more demand.
- More Demand For Auckland Homes Due To Recent Incidents. Many homes and properties have been damaged or completely destroyed by massive flooding incidents in Auckland. Because of this, demand for new homes and rental spaces has risen. These events have only added to the amount of people who need homes, and have reduced the amounts of properties available, disrupting the market even more.
- The Market Is Becoming More Competitive. Housing and rental markets are usually competitive, but the rise in demand and rent has made the market even more so. There are more people looking for rental spaces than there are rental properties available, so both property owners and renters need to be diligent with their choices. Renters must find available properties that suit their needs, and landlords must find renters who will uphold their part of the rental agreement.
- The Rental Market Is Becoming More Regulated. The NZ Government has introduced a number of new regulations in recent years, which are designed to make the rental market fairer for tenants. These regulations include things like rent controls, bond protection and tenant rights. As a landlord, you need to understand these regulations.
How You Can Improve Your Chances Of Success In Auckland's 2023 Rental Market
These changes can make finding or managing a rental property more stressful for both tenants and landlords; what can you do to improve your chances of success?
The smartest, most advantageous thing you can do is to work with a skilled property management company in Auckland. They'll have heaps of experience and local knowledge, and they will surely be an asset to you.
Making the right moves during an ever-evolving rental market isn't easy - one wrong move could seriously hurt you! A smart property management team can help you make all the right choices.
Once you're working with a great property manager, consider working with them on the following to boost your chances:
- Price Your Property Competitively. Do your research and compare your rent to similar properties in the area. You may need to lower your rent slightly to attract tenants in this competitive market.
- Make Your Property Look Its Best. Declutter, clean and stage your property to bring out its full potential. Prospective tenants will be more likely to choose your property if it looks inviting. Metro NZ Property Management actually has an amazing decluttering and interior design service that can make your properties look absolutely stunning!
- Provide Clear And Accurate Information About Your Property. Be sure to include details about your property in your listing. This should include details like the number of bedrooms and bathrooms, the full size of the property, any amenities that are included and anything else that potential tenants should know. It’s also a good idea to include the full floor plan and a video showing off your property, to give potential tenants a better idea of what the property looks like.
- Have Your Property Manager Respond To Inquiries Promptly. When potential tenants reach out to your property manager, be sure they respond promptly! No one wants to wait around in this competitive market. If your property manager responds quickly, they’ll show all prospective tenants that they’re valued.
- Have Your Property Manager Screen Your Tenants. Always make sure your tenants are screened before you choose anyone for your properties. Your property management company will already have a system in place regarding how they screen tenants, so leave this task to your property manager.
Stay Successful And Profitable In Auckland's 2023 Rental Market With Metro NZ Property Management
The rental market in Auckland is getting more and more competitive, and rent and demand are only expected to rise. You might be uneasy with these recent changes. But don't worry; we're here to help.
We at Metro NZ Property Management are dedicated to helping our clients stay successful, even in the current state of the rental market. We have heaps of experience with rental property management and look forward to assisting you with your properties.
Would you like to speak to our Metro NZ Property Management team? Call us on +64 21 642 119, or visit our website for more information.
The rental market may be changing, but we at Metro NZ Property Management are here to adapt to it.
