RISING RENTS ON THE HORIZON AS GOVERNMENT POLICY KICKS IN - 1st Dec 2018

RISING RENTS ON THE HORIZON AS GOVERNMENT POLICY KICKS IN Link from our December newsletter

PLEASE CLICK THE LINK BELOW.

https://www.realiq.nz/news/2018/11/20/lettingfeeban?ct=t()&mc_cid=fa3e371b1b&mc_eid=2752da220a
 

1 December 2018 Newsletter. - 1st Dec 2018

1 December 2018 Newsletter. Occupancy rate 98.23%   Arrears – 0.26% for November 2018
 
As this is our last Newsletter of 2018, I would like to take the time to acknowledge all our valuable clients whom many we have worked extremely closely with on refurbishment projects, large maintenance projects, insulation projects and those who have had tenants vacate. Your support in making the compliance legislation as smooth as possible means a great deal to our Property Managers. The relationships built over time are testament to the sound work our staff continue to administer to ensure your best interests are being catered too. Without a doubt it has been a testing past 12 months for property owners and Property Managers alike, as an over zealous Government have moved to implement change across a variety of criteria.

Grocery Vouchers
 
Thanks to those of you who have contacted Nicola to request grocery vouchers. It is still not too late  to acknowledge your tenants by way of grocery vouchers, either $50 and $100 New World   gift cards. Please email Nicola directly at nicola@havenpm.co.nz to nominate your preference by Friday 07/12/18. We have great tenants looking after your properties, so we are happy to co-ordinate this good-will gesture.
 
Rental Market
 
Despite Labours announcement that they ‘did not expect rents to rise’ with the abolishing of the Letting Fee, it is short sighted to believe that Landlords would ‘absorb’ the costs. There is no doubt about it, the costs associated with new legislation will be passed on to the tenants, directly through the increase in rental prices. We will see over the next 12 months a continuing of rental price increases as demand continues for good quality rental properties. David Faulkner of Real IQ addresses the issue.
 
Property rental listings in the Nelson Tasman region have dropped further approaching the Christmas New Year period, down from 101 to 78 across all dwellings. There are only 25 three bedroom properties, 23 two bedroom properties, 17 one bedroom and only 12 four bedroom properties available. This is resulting in large numbers of groups registering to view properties with many high quality tenants being identified.
 
The median rent received in Nelson/Tasman for the month ending October 2018 was $407.66, an increase of $8.04 per week from September. The average rental in Nelson Tasman has increased by 6.27% in the past 12 months. (NZ Property Investor)
Our occupancy levels are 100% for the month of October.
 
Meet the Team
Paul Meeson - Senior Property Manager

Paul and Haven Property Management are synonymous with experienced property management. Paul has forged a successful relationship management career through his ability to listen too and advise Landlords on all aspects of property investment. Starting his Property Management in England, Paul has an established client base, many who have been with him for many years.
An avid runner and administrator of athletics in Nelson, Paul has
an infinity with Crystal Palace in the EPL, for the meantime!!

New rates valuations
 
The Nelson City Council has released the new valuations for properties.  If you wish to check your current valuation please go to http://www.nelson.govt.nz/rates-search/
 
Rental Disbursement
 
The next rental disbursement will be on Monday 17th of December for mid-month payments and Thursday 3rd January 2019 for the end of the month payment and statement.
 
Emergency contact numbers
 
The offices of Haven Property Management will be closed from 2.00pm on the 24/12/18 and will re-open on Thursday 03/01/19 at 8.30am.
Should you have any emergencies that require urgent attention you can reach me Chris on 0272203326.
 
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From the team at have Property Management.

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."
 

1 August 2018 Newsletter. - 1st Aug 2018

1 August 2018 Newsletter.

Occupancy rate 99.48%
Arrears 0.26% for July 2018

 
“What does it take to be a compliant Landlord in 2018 and beyond” – a free Property Investors Seminar.

Haven Property Management in conjunction with Real IQ hosted a well-attended seminar last night at Trailways Hotel in Nelson. Our keynote speaker David Faulkner spoke on the Healthy Homes Guarantee Bill and trends relating to Property Management around the country. Alex Davidson (Tax Specialist) addressed the issues of property ring-fencing, the Brightline Test and depreciation aspects of rental property chattels. Tom Pyatt (Mortgage and Insurance Specialist), Neil Allen (Legal Specialist), David Faulkner and Alex Davidson fronted a Question and Answer section providing insight into the burning questions faced by Landlords.
A link to the recording of the evening will be forwarded to all our Owners within the next few days.

Insulation: Have you got yours sorted?
Here at Haven Property Management, we are requesting free assessments for properties that have not had the insulation information provided to us by Owners. You will be aware through the media that the number of properties to be insulated throughout New Zealand is in the hundreds of thousands and the industry has the potential to insulate 40 – 50 thousand per year. Information is now in the media citing things like ‘dobbing in your Landlord’ whereby tenants are being encouraged to complain if their tenanted property is not up to the minimum standards required by 1 July 2019. There is a potential $4,000 fine that will be paid to the tenant!!
We encourage you to act on the quotes you may have received to date from us. If you have knowledge of the insulation in your properties, let us know so we can send out an Owners Declaration for your signature.
 
Industry Qualifications
The Property Managers at Haven Property Management are embarking on an industry training program in preparation for the regulation of the property management industry. Through Skills NZ and NZQA our staff are working toward a Level 4 Property Management qualification that when accompanied with the current Real Estate industry licences held will give Landlords peace of mind that their properties are in good hands.

Rental Market
There continues to be a shortage of quality rentals in Nelson Tasman. Media reports indicate that the region is the third least affordable for 1st home buyers placing additional pressure on the rental market.  Our occupancy levels are 99.48% for the month of July.
The median rent for the Nelson region across all rental dwellings in June 2018 was $397.66 (New Zealand Property Investor July 2018) an increase of 5.39% increase in the previous 12 months.

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Rental Disbursement
 
The next rental disbursement will be on Wednesday 15th of August for mid-month and Monday 3rd September 2018 for the end of the month.
 
From the team at Haven Property Management.
 
"More than just collecting the rent."
 
 
 

1 July 2018 Newsletter. - 1st Jul 2018

1 July 2018 Newsletter.


Occupancy rate 97.94%
Arrears 0.52% for June 2018

 
In this issue we will highlight the proactive stance our Property Managers take in ensuring your asset is kept to the high standards we expect. Once a great tenant has been identified and signed up, we embark on a process to document and photograph the condition of the property which forms the basis of a trust and understanding relationship with the tenant and depicts the starting standard. Classified as a Commencement Inspection Report your property manager goes through the property, identifying each room, the features in each room, the condition of each feature backed up with photographs.
 
This process ensures that the tenant has an understanding of the requirement to keep the property maintained as it forms the backbone of the Exit Inspection. The report generally takes 2 – 3 hours to complete. We see this as a valuable investment of time as it ensures the tenant can be held accountable for issues outside of regular wear and tear when vacating. Properties are then inspected every 13 weeks to ensure the levels of cleanliness are maintained, any maintenance issues identified and mid to long-term maintenance identified. The proof is that when our tenants do depart 98% of the bonds lodged are refunded without issues and properties can be re-let quickly and the process starts again.
 
“What does it take to be a compliant Landlord in 2018” – a free Property Investors Seminar

Haven Property Management in conjunction with Real IQ is hosting a free seminar on the 31st July 2018 at Trailways Hotel in Nelson. Our panel of experts includes Alex Davidson (Tax Specialist) Tom Pyatt (Mortgage and Insurance Specialist), Neil Allen (Legal Specialist), Ross Alvey (Accountant Specialist) and guest speaker David Faulkner of Real IQ. Find out what is new and relevant in the industry and what it means for you. To RSVP by email click the above image.
 
Rental Market
 
Winter is upon us and we have been fortunate as a region to have experienced low rainfall thus far. Again June has been a very active month for letting properties and quality properties are in short supply. The number of prospective tenants has dropped off, however our high standards and quality vetting are still identifying great tenants.  Our occupancy levels are 97.94%. With the new subdivisions in Nelson Tasman being built on we are seeing a lot of new properties becoming available for rent. One building company spoken to stated that 5 out of 6 properties built are for investors so the market supply is increasing significantly.
The median rent for the Nelson region across all rental dwellings in May 2018 was $398.16 (New Zealand Property Investor June 2018) an increase of $5.49 per week on April 2018 and a 5.60% increase in the previous 12 months.

Rental Disbursement
 
The next rental disbursement will be on Friday 16th of July for mid-month and Wednesday 1st August 2018 for the end of the month.
 
From the team at Haven Property Management.
 
"More than just collecting the rent."
 
Copyright © 2018 Haven Property Management, All rights reserved. 
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Rental prices soar in Nelson region as available rentals fall. - 2nd May 2018

Rental prices soar in Nelson region as available rentals fall. https://www.stuff.co.nz/business/103154086/rental-prices-soar-in-nelson-region-as-available-rentals-fall

KATY JONES - Stuff.co.nz

Last updated 17:02, April 17 2018

The percentage change in Trade Me's rental index from March 2017 - March 2018. The median rental price in Nelson has risen to $420 per week, the data shows.

Rental prices in the Nelson region have hit new highs, two reports show, on the back of a big fall in the number of rental properties available.

The median rent in Nelson/Tasman rose 10.5 per cent in the year to March to $420 a week, according to the latest Trade Me Property Rental Index.

The increase was second only to Hawke's Bay, where the median rent grew 14.3 per cent to $400 per week.

The Nelson region's rental market is tough with one renter saying 30-40 people were turning up for a viewing.

Competition for rental properties in Nelson, resulting from the shortage, was described by one house-hunter as "utter hell". 

"I went to one [viewing] in Oxford Street in Richmond, and about 30, 40 people must have turned up, if not more," said the man from Christchurch, who doesn't want to be named for fear of jeopardising the rental house in Stoke that has taken him and his family three months to find.

MARION VAN DIJK

Landlords say loan to value ratio, as well as increases in rates, insurance and maintenance costs is deterring people from investing in rentals.

The construction worker in his 40s was living in a tent in a campground in Richmond, before ex Cyclone Gita "blew it to pieces" in February, and he moved in with his partner's family.

"We were going to viewings and my partner was breaking down in tears, trying to tell them how badly we needed a place to live. And the thing I found frustrating was that we haven't got quite enough to buy a house, but we have money put aside to rent a house, and we couldn't do either."

Despite having $4000 - $5000 of savings set aside for a rental, they kept on getting turned down, he said.

Statistics released by the NZ Property Investors' Federation on Monday, showed Nelson had the third highest rental price rise of 17 cities and main areas over the past year.

The average cost of a rental in Nelson rose 9.2 per cent to $382 per week, the figures for the year to March revealed.

Rental prices in Nelson/Tasman remained static the year before, the Federation's executive officer Andrew King said.

He said a shortage of rental properties was likely to be behind the hike in rental prices.

Rental listings in Nelson fell 15 per cent in the year to March, although there had been an increase in rental listings of 11 per cent over the past month, figures provided by Trade Me revealed.

Cost increases and rule changes were potentially forcing rental investors to pull out of Nelson, King said.

"The people who are established rental property providers won't be as affected by some of these regulations as new people coming in. What we are finding is that the new people coming in just aren't there."

Changes in the loan to value ratio, as well as increases in rates, insurance and repairs and maintenance costs in recent years were some of the factors that had put investors off, he said.

"It's getting harder and harder to provide rental property."

People were also choosing not to become landlords because of unwarranted negative perceptions.

"They're seen as evil people who stop first home buyers from being able to get into the market, they're seen as charging too much in rent, and yet ironically by the finance industry they're seen as not charging enough and not paying enough tax."

Nelson Property Investors Association spokesperson Glenn Morris, who owns 20 rental homes in the region, said his rents tended to be 80 per cent or less than the market rate.

He was not considering selling up, despite past and present governments "doing things to make life harder for" property investors. 

"The people that rent the place, I've got a responsibility to them as well. Because if somebody else then bought it at today's rate, they're going to have to charge more rent to cover their mortgage."

 - Stuff

 

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.
 
 

1 April 2018 Newsletter - 1st Apr 2018

1 April 2018 Newsletter Occupancy rate 97.7%   Arrears – 0.8% for March 2018
 
Daylight saving has ended resulting in darker evenings coupled with a cooling in temperatures. The leaves are falling so for those owners with large trees close to the dwelling we must start thinking about gutter clearing prior to winter. Easter Weekend resulted in zero call outs for urgent maintenance so a positive result.
The Government has indicated that they are looking to introduce legislation to abolish letting fees this year so by April 2019 I would envisage that we will see a change in the landscape around fees. We at Haven are working closely with industry leaders and consultants to ascertain how best to deal with the signalled changes.
 
Rental Market
 
We have noticed a significant slowdown in rental demand in March, something that has not been seen for several years. As notified last month we are still seeing asking price on most properties being achieved however the time taken to secure the best tenants is drawing out.
The median rent for the Nelson region across all rental dwellings in February 2018 was $383.15 (Tenancy Services Market rent February 2018), and the median rent the Tasman region across all rental dwellings was $377.85 a slight decrease over the last month as the rental market cools along with the weather. 
With a high number of properties sold in the Nelson Tasman region in March (118) we believe that the median sales price has not risen as with past months, demonstrating a plateau of sales prices being achieved.
 
As we head into winter it is timely to note that if your property is to become vacant, we highly recommend looking at securing a fixed term tenancy for 6 – 8 months to bring it in line with the strong summer market. With the Government also looking to impose a ban on more than 1 increase per annum, the summer letting period provides greater stimulation of the market resulting in higher rents being achieved.
 
Rental Disbursement
 
The next rental disbursement will be on Monday 16th of April for mid-month and Tuesday 1st May 2018 for the end of the month.
 
 
 

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