August at Chase Property Management highlighted the increased demand for high quality rentals in the Auckland market. Chase Property Management advertised and let several what we would call “landlord quality rental properties”, which our property managers define by the fact that the landlords were living in the property; or being of the quality that a landlord would live in.
These rentals fetch a premium above average market rent; experience high demand at viewings, and virtually no vacancy period at all. Tenants at the viewings openly state that “this property is much better than what’s on offer” and “where do I sign”. Landlord quality rentals are generally let at the first viewing, with tenants openly questioning the tenancy periods and stating that they want to stay longer than 12 months.
Landlord quality rentals in Auckland are clean and tidy, paintwork is either fresh or in great condition, the home is always insulated either to the point of not needing a heat pump, or includes a heat pump, carpets are reasonably new, and both kitchen and bathroom are clean, tidy and reasonable modern. Outdoor areas are always the kind of area where you want to spend time, and the yard is well maintained.
It’s worth noting again that these rental properties are fetching a price above market rent, and experiencing little or no vacancy, not to mention they can have the pick of the bunch when it comes to preferred tenants, and tenants actually want to stay for long periods which further increases their stability of returns and reduces their risk.
It’s not hard to turn a rental into a “landlord quality rental property” and the current market shows its worth considering, of course when you have a quality rental it pays to have it managed by a quality property management company to ensure the property condition is maintained for the long term.