For the month of May 2022 our team has maintained a 0.9% vacancy rate within the portfolio, with demand continuing to be focused on 2 and 3 bedroom properties. We rented 7 properties within an average of 18 days at an average price of $430 per week with the range being between $170 - $650 per week. This price bracket is reflective of there being demand for different property types, ranging from boarding house rooms to high end apartments.
There has been an average of 212 properties listed on TradeMe for the month of May 2022 which is more than 30% less than the number of listings in 2021.
Tenancies are continuing to be renewed, double that of May 2021, validating the identified trend of tenants staying longer in properties, increasing from previous years. The positive for owners, is that there is less vacancy and increased stability on occupancy.