Like the value in anything to do with property at present, the rental market has re-aligned its rental value to reflect the cheap interest rates and lending availability to first home buyers and investors.
In December 2009 ? January 2010 there were (only) 4 houses available in the Bream Bay district for rent, at the?beginning?of this year ?there were 40 houses available, primarily making it a ?tenants?market? spoiling them for choice?. and they know how to play hard ball just the same as the savvy buyers are making it a hard road for Vendors!
This is a direct result of people moving away from renting to permanent mortgage payments and entering the property ladder in this buyers market, other reasons for the influx of rentals like all housing in the market, people moving for employment, death or divorce and lending institutions putting?pressure?on the return of their debts.
18 months ago, the average tidy brick and tile 3 bedroom plus ensuite home was being rented for between $340 ? $360 p/week in Waipu. ?Now these same ?homes over the last 12 months, are on average only fetching $303 p/week with 4 bedroom homes only?achieving?$332 p/week.
I have learned in this small community that it is better to be open with values for investors, over valuing a rental property will only leave it sitting vacant in the market and the Investor becoming?disillusioned?and either falling short, or paying the full mortgage.
Keeping our Landlords aware of the changes in the rental markets values is just as important as a Sales specialist giving feedback to Vendors on house viewings. Look at how much the market has changed in just 12 months for rental values?.
I have a shortage of good properties, semi rural and residential, with a growing database of tenants looking for renewable 12 month leases on 3-4 bed insulated homes with garaging.
Can you help me find some more rental properties?
Do you know anyone who has a vacant property they want tenanted?
Is your investment sitting vacant?
Do you want to make an offer on an investment ?.. but need to be approved to buy? I can help you with your investment and I am happy to give you a comprehensive statistical based written rental appraisal by email.
Here is a recent testimonial that helped an investment purchaser go unconditional in June 2011:
?Thank you? for the rental appraisal you prepared for my clients. ?In my 8 years as a Mortgage Broker I have asked for and received literally hundreds of appraisals. I have never received such a comprehensive and well presented appraisal as the ?one you sent.?Congratulations on such fine work, and for making my job easier.?
Richard Waalkens
Mortgage? Manager,?Mike Pero Mortgages
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For any more information about our rental division contact me:
Rachel Rogers
(027) 432 7702
rachel@goodground.com
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Source: http://www.goodground.com/2012/02/rental-market-overview/
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