The rental market has been speeding up compared to April. We managed to rent out 30+ properties in a single month.
- Average days on market 25 days
- Average rent of $675 per week
- We still have a lot of properties coming onto the market due to the weakening sales market
- Properties that have been rented had at least 3-4 viewings, sometimes up to 10 viewings and the flatting situation is still the most dominant.
- There has been an overwhelming number of properties available for rent at the moment and tenants have many options to choose from. Supply is much higher than demand at this point in the Auckland market.
After reviewing the last 60 properties rented by Uno, here is what we have noticed:
- The majority of tenants who sought properties for rent were professional couples moving to Auckland from other cities;
- There has also been a decrease in work and income applicants;
- Families have tended to go for the bigger houses and care a lot about privacy;
- Older properties in good conditions with lawn space seem to be the most sought after.
- The market has dropped from about ten groups to about three groups showing up at open homes and viewings;
- Feedback from prospective tenants has been that there are a lot of options out there.
- If applications were processed straightaway, your property may not be their 1st or even 2nd property they have applied for.
Some properties are rented out last month:
- However, we are expecting the apartment market to improve from July due to the returning of international students.
- There are tenants moving from other cities to Auckland seeking accommodation
- We hear more and more of our current tenants terminating their tenancies as they are moving out of New Zealand now borders have opened up either for a new job or relocating permanently.