Some important trends have occurred in the region over the past year in the rental market. The shortage of rental properties has been driven by several factors over the last couple of years.
On the demand side we live in one of NZ’s fastest growing, most popular regions, attracting people across a wide range of age groups and family status, some who are long standing tenants.
Many new residents move here to ultimately purchase their own home but rent in the meantime until they buy. Additionally, first home buyers have often purchased previously tenanted homes from investors keen to sell.
Then we have major ongoing construction commercial and residential projects requiring an increased workforce to relocate from outside the area.
Reduced supply of rental properties has been driven by absentee owners returning home to their (previously rented) property plus existing investors taking advantage of high buyer demand and increased selling prices.
This is a challenge for tenants but highlights the opportunity for investors to enter this market now with high demand from potential tenants in a market where increased rents are possible.
Talk to EVES now about their excellent potential investment properties available now in areas of high tenant demand.