For the month of April 2022 our team has continued to maintain a 1.5% vacancy rate within the portfolio, with demand continuing to be focused on 2 and 3 bedroom properties. We rented 6 properties within an average of 14 days at an average price of $510 per week with the range being between $450 - $550 per week. This range is reflective of the standard of property being offered to the rental market and there being demand from tenants moving to Dunedin from other parts of the world.
There has been an average of 264 properties listed on TradeMe for the month of April 2022 which is more than 10% less than the number of listings in 2021.
A new trend that we have observed this past month, is the increase in tenants renewing their tenancies under periodic leases. Of the 13 renewals, 5 were periodic leases, which is aligned with the change in legislation introduced in February 2021 where a tenant can choose the term of tenancy renewal.