For the month of October 2022 our team maintained a 98.6% occupancy rate within the portfolio, with demand being directed towards 3 bedroom properties and student accommodation available in the new year. We rented 16 properties within an average of 20 days at an average price of $530 per week with the range being between $395 - $980 per week. This is in contrast to October 2021 which recorded 14 properties rented within an average of 44 days at an average of $490 per week, with the range being between $160 - $700 per week.
35 tenancy renewals were signed in October 2022, in contrast to October 2021 where 13 renewals were signed. It can be assumed that several factors have influenced the increase in renewals for this time of the year:
(1) change in legislation, resulting in us not being allowed to prompt student rental properties until October to ask if they would like to renew their lease. Previously, renewals for student properties would have been proactively signed August/September.
(2) reduction in the supply of rental properties being actively marketed for rent, which previously enabled the expected movement and changeover in tenants.
(3) as a result of tenants being allowed to remain in properties under a periodic tenancy (at the end of the fixed term tenancy), there is less pressure to move into another property if the current supply is not what they are wanting.
There has been an average of 387 properties listed on TradeMe for the month of October 2022 which is aligned with listings for the past 4 months and expected for this time of the year. We would expect to see listing numbers remain stable as we work towards the end of the year.