Setting rents when inflation is high
Rental markets vary wildly when inflation is high. It's especially important, for landlords and tenants alike, to track micro-trends in the areas they are interested in and not just nationally. This helps landlords determine what is fair and tenants to know if it is relative to the market. The following tips can help landlords set a well-positioned rental rate in a high inflation environment. (Source: Landlords.co.nz)
Tenant left with a bill for more than $15,000
A decision from the Tenancy Tribunal found a tenant signed up to a flat in Christchurch with three other tenants in 2021. When the time came to renew the lease, the tenant was the only one who wanted to stay. The tenant found new flatmates but didn’t update the tenancy agreement to include his new flatmates. He was therefore solely responsible for the rental payments. (Source: Stuff.co.nz)
Prospective tenants lose thousands in “elaborate scam”
A young Englishman allegedly took thousands of dollars in deposits from house hunters after showing them through an apartment and promising them a tenancy before fleeing the country. Several house hunters have complained to police, who have said it is an “elaborate scam” and have vowed to arrest the man at the border should he attempt to return to New Zealand. (Source: NZHerald.co.nz)
Tenancy Tribuanl orders tenant to pay landlords $65,723
A tribunal adjudicator found a tenant had caused “extreme” damage to a North Shore rental property. The landlords were quoted $46,230 to repair the walls alone, which was awarded to them in full. However, the adjudicator discounted the amount the tenant had to pay for the carpet to $1500 after considering its age and depreciation. Landlords are not always entitled to the full cost of restoring a damaged house to “as new” condition. (Source: Stuff.co.nz)
New Zealand's national tenancy database
An illion Tenant Check allows you to search our comprehensive tenancy database for records of tenant checks carried out by property managers. It also provides you with tenant ratings, drug warnings, 14 Day notices and Tenancy Tribunal orders. Information that is found on a Tenant Check search will show the name of the property manager who lodged that information. You are then able to click on the property manger’s name (in the orange coloured text) to open the enquiry form and submit an enquiry directly to that property manager. You can then contact your prospective tenant's past property managers to find out more information about their rental history. This is a great way to gain more insight directly from previous property managers who have had dealings with tenants you are considering.
You can lodge your own tenancy information online under the 'Lodge' menu online. Each Lodgement will earn you an account credit.