To summarise the second quarter of 2022 in one word would be: STABILITIY
Nidd Property Management maintained expectations during a period of time that experienced several short work weeks so that Anzac Day, Queens Birthday and Matariki could be spent with family away from the office. Renting a total of 22 properties within an average of 15 days at an average of $450 per week, with zero Tribunals.
For the month of June 2022 our team has maintained a 1.7% vacancy rate within the portfolio, with demand continuing to be focused on 2 and 3 bedroom properties. We rented 8 properties within an average of 13 days at an average price of $400 per week with the range being between $155 - $500 per week.
• This is in contrast to figures tracked in 2021 which included 10 properties rented within an average of 28 days at an average of $520 per week.
There has been an average of 219 properties listed on TradeMe for the month of June 2022 which is more than 55% less than the number of listings in June 2021. On average there 64 properties advertised for 2023. This highlights two factors influencing this trend of less properties being actively marketed for rent: (1) increased number of tenants renewing their leases, (2) not all student properties being advertised for the next year (2023) which is linked to the change in legislation which was introduced February 2021.
There is increased capacity for our team to bring on new properties into their portfolio, so if you or anyone that you know have properties not managed by Nidd Property Management, now is the time to start the discussion.