For the month of August 2022 our team rented 9 properties within an average of 30 days at an average price of $490 per week, with the range being between $310 - $675 per week. This is closely aligned to results in August 2021 which recorded 10 properties rented within an average of 28 days at an average of $520 per week, with the range being between $390 - $925 per week.
The upper price range recorded for August 2021 reflects “student targeted rental properties” being rented for 2022 tenancies. This is something that can no longer take place so early in the year without being in breach of the Amendment to the Residential Tenancies Act 1986.
- This means that existing tenants have from 90 days until 28 days before the existing tenancy ends to confirm if they are seeking a 12 month tenancy renewal or remain at the property under a periodic tenancy term.
- In accordance with this amendment, we cannot advertise earlier than the confirmation period (90-28 days) as the implication is that we sign a new tenancy, and the existing tenants decide they are not moving out.
There has been an average of 384 properties listed on TradeMe for the month of August 2022 which is more closely aligned to August 2021 than what we have seen in previous months, which recorded an average of 438 properties listed on Trademe.
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.