What landlords should be doing in today's rental market
In a rental market that has turned in favour of tenants where rent prices are falling and rental properties are taking longer to lease out, landlords are advised to prepare for the unknown. Here are some actions landlords can take, which include strengthening their tenant vetting process. (Source: Landlords.co.nz)
Auckland landlord ordered to pay $201,000 after “harrowing” evidence was provided to the Tenancy Tribunal
The Tenancy Compliance and Investigations Team (TCIT) from the Ministry of Business, Innovation and Employment (MBIE) has successfully taken three cases to the Tenancy Tribunal on behalf of 18 tenants across five properties managed by Mauri Ora Ltd after an investigation found various reaches of the Residential Tenancies Act. (Source: Stuff.co.nz)
Trade Me Property’s latest data shows rent rises are outpacing the rate of inflation
Trade Me Property’s September data shows the national median weekly rent was up 7.5% over the year. The rate of annual inflation reported by the Reserve Bank for the end of September quarter is 7.3%, as measured by the consumer price index over the year to the September quarter, was 7.3%. (Source: Msn.co.nz)
Tenant vanishes with $3,000 owing in rent
Property managers have asked the Tenancy Tribunal to not only try and hold onto the landlord’s bond, in lieu of almost $3,000 in unpaid rent, but are also seeking an order for costs to help cover unpaid water bills, cleaning fees, and the hiring of a large skip bin. (Source: NZHerald.co.nz)
Load your Tenancy Tribunal Orders online
illion Tenancy is New Zealand's national tenancy database which allows landlords and property managers load Tenancy Tribunal Orders online. A Tenancy Tribunal Order is recorded against a tenant's tenancy record for display on their Tenant Check report. The next time a Tenant Check is conducted on a tenant, any applicable Tenancy Tribunal Orders will be visible. This helps property managers and landlords alike make an informed decision when vetting future tenants.
To load a Tenancy Tribunal Order, simply login to your illion Tenancy account and go to the Lodge menu. You can also find the 'Lodge' button under the My Account > My Tenant Checks menu, which lists the tenants for which you have previously conducted a Tenant Check. If making your lodgements via the Tenant Check option, illion Tenancy will prefill most of the tenant's details making the lodgement process quick and easy. Each Tenancy Tribunal Order loaded on illion Tenancy earns you an account credit of $2.30. Credits can be used to reduce your Tenant Check costs, while also flagging to other users those tenants to be wary of.