It’s tough out there for tenants: here at Impression, we’re getting 50 people each day walk ...
... into our Queen Street office in search of a quality rental.
And that’s on top of all the queries we get via phone and our website – and our direct line to the students of Auckland’s tertiary institutes.
While it’s hard work for tenants, obviously it has an upside for owners, who have plenty of choices. We’re able to secure excellent tenants for any property that has been well-maintained. As managing director Aaron Tunstall explained to the Herald recently, we’re expecting to let between 130 and 160 properties during February and March, compared to our usual 60 to 80 in other months.
Times are even worse for tenants in other areas including Queenstown and Wellington, with more serious rental shortages and record-high rents. With some investors reportedly exiting the market, the rental shortage isn’t likely to improve in the near future. Once again, tough on tenants but positive for landlords: expect rising rents, improving yields and continuing low vacancy rates across New Zealand’s major centres.