Property Management Specialists
We received the latest Auckland market summary from Trade Me, and we would like to share it with all landlords and tenants.
It’s not up to anyone to decide whether the rent will rise or fall, only the market does.
The rental data of 19 months from January 2020 to July 2021 in the Auckland Region collected by Trade Me are shown as follows:
1. Supply and demand
– Summary – there is no shortage
2. How long will it take to rent out?
It is time to investigate another myth in the property management industry.
A trust cannot give notice to terminate a periodic tenancy because a family member genuinely requires the premises as their principal place of residence.
This is an issue is a particular interest after the RTA Amendment Act 2020 becomes law in February 2021.
Thousands of rental properties list the landlord as a family trust and with No-cause 90-day terminations no longer allowed, there is concern that family trust cannot give notice under Section 51 (1)(a).
In short, this subsection says a landlord can give 63-day notice if the owner or a member of the owner family genuinely requires the premises as a principal place of residence.
So how does a family trust fit in this provision?
Back in 2019 and under the old laws of the RTA, a family trust gave 42 days notice to a tenant in Hastings because the nephew of the landlord required the rental property as his principal place of residence.
The tenant filed an application to the Tenancy Tribunal, and among other things. Questioned the validity of a family trust giving the notice to end the tenancy.
Since New Zealand suddenly entered Level 4 lockdown on 19 August, there have been many questions from the landlords and tenants that are frequently asked.
Today, we will answer those burning questions and hope it could help you to make better decisions.
Q: My tenant has asked for a rent reduction for the duration of Level 4, what shall I do?
A: You are not obligated to reduce rent during COVID lockdowns but should you consider it appropriate to do so (consider the tenant’s occupation, previous living conditions, etc). If you agree to temporarily reduce the rent, the communication should be done in writing and the record should be kept.
Don’t forget to encourage your tenants to consult the government’s various subsidies for lockdown, there is a “rent arrears assistance” specifically to help such situations.
I know, lockdown again….
However, in real estate, most things are still BUSINESS AS USUAL. Banks are still approving loans, deals are still happening and Uno Property Management is still here for you!
Our team is well equipped to work from home. Apart from work that involves meeting in person, we can do anything for you over the phone or email.
So, Uno is going to offer a bunch of benefits for everyone!
The law allows that If the tenant demonstrates 3 anti-social behaviors within a 90 day period, the landlord can apply to the tenancy tribunal to end the tenancy. Application must be made within 28 days of the last notice)
However it is important that you know what to do and exactly how to give notice if you want to rely on anti-social behavior to end a tenancy. The devil is definitely in the details.
Here is the protocol you should follow to succeed under the new anti-social behaviour section.
In this blog, we are going to focus on the area that causes the most confusion around how a landlord can give notice to a tenant before the end date of a fixed term.
Instead of actually coming to an end, a fixed term will automatically transition to a periodic tenancy unless certain rules apply to it, to prevent it from becoming periodic. So, what are those rules?
From 1st July 2021, properties with new tenancies will be required to be compliant with the “Healthy Home Standards” within 90 days.
Although the government’s regulations on landlords and their properties are becoming more stringent, and the associated risks of owning investment properties are increasing; there is virtually still no barrier to entry for the property management industry.
Anyone can open a property management company tomorrow. There is no certificate, license or any other requirements to open and operate a property management company.
Is there any surprise then there are all of a sudden so many property management companies being established in the last year or so, some of them do not even have a separate bank account for landlord clients’ rents or have any understanding or education of the new regulation and HHS standards.
In these changing times, It is really important to choose a credible company to manage your most valuable assets.
There is an oversupply of rental properties right now and it is getting harder and harder to rent out a property quickly now. Some tenants had to leave New Zealand because of the epidemic, some tenants chose to buy their first homes because of the low mortgage rate. Regardless of the reasons, competition for tenants is particularly fierce in the current rental market.
Uno Management still stays very strong under the circumstances. In the past 3 weeks, we have successfully rented 33 houses.
