1 January 2018 Newsletter. - 1st Jan 2018

1 January 2018 Newsletter. Occupancy rate 97%   Arrears – 1.28% for December 2017
 

 
Welcome to the New Year! I trust you were all able to switch off from your investments safe in knowledge that they are in good hands with our staff being on call to manage any issues. I am happy to report the number of maintenance call-outs over the holiday season was limited, with no major issues reported.
 
With 18 months remaining until the new insulation legislation takes effect, there is a high percentage of properties still below standard existing insulation levels. We have been advised by our suppliers that as we get closer to the deadlines the demand for product will increase, the demand for insulators will increase and consequently the price will rise the nearer to July 2019 for work being completed. I would recommend looking into getting your property up to the required standards sooner rather than later. Funding is still available in Nelson for those tenants who hold Community Services Cards. There is no funding at present for the Richmond/Tasman area.
 
Rental Market
 
December was relatively quiet with the number of listings becoming available to rent however the demand on each listing has been consistently high as more people come into the market.
The median rent for Nelson/Tasman across all rental dwellings in November was $399.70 (NZ Property Investor December 2017) an increase of 12.1% for the 12 months ended November 2017. With a fixed term lease being preferable for most new leases, tenants are staying in properties longer and rent reviews being implemented annually with rises reflecting the market increases.   
 
Rental Disbursement
 
The next rental disbursement will be on Monday 15th of January for mid-month and Thursday 1st February 2018 for the end of the month.
 
Hot Property
 
2/ 14A William Street, Richmond
Currently rented at $435 per week with potential for an increase.
https://www.havenrealty.co.nz/listings/residential_sale-1257979-richmond/
Will consider offers over $395K
 
 

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