1 September 2018 Newsletter. - 1st Sep 2018

1 September 2018 Newsletter. Occupancy rate 99.76% Arrears –0% for August 2018

The longer days are very welcome, the blossoms and daffodils are evident, both positive signs that spring is nearly here. It also signals the increase in demand for property management services with a surge in property appraisals being requested in the last two weeks.
The Government signaled the intended changes to the Residential Tenancy Act recently and these are summarised below:

  • The removal of the 90 day ‘No Cause’ notice to end a tenancy
  • Limiting rent increases to one every 12 months, with a formula to be established around the method of calculating increases
  • The increase in days from 42 to 90 for the notice period for property sales
  • The removal of Dutch auctions preventing Property Managers seeking the highest rent a tenant is prepared to pay.
These changes have been signaled to take effect in 2020 so there is a period of lead time, and we see these as relatively minor changes to our business.
The 2nd and 4th  points will not effect Haven Property Management as we adhere to these already.
 
 
Rental Market
 
Listings in the Nelson Tasman region have fallen dramatically with only 128 properties available at the time of writing. Throughout the month the level has been as low as 110 which is placing pressure on the available properties with good numbers looking to view. For house sales, the days on the market are slowly but surely increasing with many property price expectations also falling. Are we seeing a plateau in the prices achieved?
Our occupancy levels are 99.76% for the month of August.
The median rent for the Nelson region across all rental dwellings in July 2018 was $406.00 per week (New Zealand Property Investor August 2018) an increase of 7.13% increase in the previous 12 months.
 
 
Rental Disbursement
 
The next rental disbursement will be on Monday 17th of September for mid-month payments and Monday 1st October 2018 for the end of the month payment and statement.

From the team at Haven Property Management.

"More than just collecting the rent."
 

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