1 May 2018 Newsletter - 1st May 2018

1 May 2018 Newsletter Occupancy rate 97.4%   Arrears –1.08% for April 2018
Letting fee update
The new Residential Tenancies (Prohibiting Letting Fees) Amendment Bill is now at the Select Committee stage with public submissions on the bill open until the 23rd May.  Expect this to be law by Christmas with a further three months before the fee is banned completely.
Rental Market
The recent media headlines of Nelson being “a hellish market” is, I believe not accurate.  We continue to notice a slowdown in rental demand in April, however, properties are still being let to quality tenants.  The demand for fully furnished properties has noticeably reduced with high-end properties taking a longer time to draw enquiry.  As tenants notify us of their intentions to vacate, we act quickly to re-advertise the properties, with the majority let prior to the existing tenants leaving and new tenants move in soon after vacating dates. 
The median rent for the Nelson region across all rental dwellings in March 2018 was $385.15 (Tenancy Services Market rent April 2018)
With a high number of properties sales in the Nelson Tasman region continuing in April we believe that there will continue to be a shortage of dwellings available for rent.  Quality properties are still receiving higher rents and the median rent figures reflect this.
Rental Disbursement
The next rental disbursement will be on Tuesday 15th of May for mid-month and Friday 1st June 2018 for the end of the month.
From the team at Haven Property Management.

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