Nidd Property Management Commentary - January 2023 (December 2022 stats & internal tracking).
Happy New Year for 2023 from the team at Nidd Property Management.
Our team have managed to successfully navigate the changeover in tenancies from mid-December 2022 until mid-January 2023 which is typically a busy period for our industry (in Dunedin). We were able to prove that the change in legislation which influenced when (student) properties could be advertised, did not have an impact on the vacancy rate or our ability to successfully rent the properties to quality tenants.
The last quarter for 2022 proved to be as impressive as the previous. Our team successfully rented 70 properties within an average of 23 days at an average of $510 per week.
The overall results for 2022 recorded our team renting a total of 121 properties and re-sign 176 tenancies (20% increase from 2021), while maintaining an average price of $460 per week in an average of 21 days to rent. It is also the second consecutive year where we attended Tenancy Tribunal once.
A maintained weekly average of 383 properties listed on Trademe for December showing consistency in the number of properties being supplied to the rental market for the 5th consecutive month.
We have received an increase in enquires and demand from clients moving to Dunedin from a diverse range of countries because they are pursuing further postgraduate study or job opportunities, validating positive movement and growth for the city.
Demand has been focused on three bedroom properties across all suburbs of Dunedin highlighting a gap in the supply which is needing to be filled with more rental properties. If you know of anyone considering renting their property, now would be an ideal time for them to start a discussion about how Nidd Property Management can facilitate the process.