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There are a number of people who have purchased apartments in the Auckland market that are having trouble finding tenants. There are another seven thousand apartments that are going to be released into the market in the next year or so. The number of overseas students coming to study in Auckland has dropped which makes the rental market more competative. At the momement there are simply more apartments to rent than potential tenants. It seems this situation will become much worse over the next 12 months.
Hi jspri,
The rental market has changed a little in some areas of nz. When the rental market is tight in a certain area I use incentives to attract potential tenants and make the property look more attractive. I will often cover the first weeks rent as an example, or cover the letting fee if I’m using a letting agent. It may well be worth looking for an alternative property manager which may also solve your problem.
Good look with your search for a new tenant.
Regards
Ruby.
