For the month of July 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 21 days at an average price of $460 per week with the range being between $350 - $620 per week. This is in contrast to July 2021 which recorded 9 properties rented within an average of 39 days at an average of $430 per week, with the range being between $190 - $570 per week.
There was an increased level of demand for modern, high quality 2 bedroom inner city apartments, which is reflective of there being more movement with people relocating to Dunedin for new job opportunities.
There has been an average of 351 properties listed on TradeMe for the month of July 2022 which is more than 30% less than the number of listings in July 2021. This decrease in supply of advertised properties, can be linked to the change in legislation introduced under the Amendment Act 2020, which has further influenced when student properties can be advertised for the next tenancy (2023), without the risk of being in breach of the Residential Tenancies Act 1986. This further highlights the importance of working with a team who understand what to do and when to do it in line with the law, ensuring both owners and tenants are not at risk of being in breach.