Dunedin Rental Market Update - September 2023
(Most recent Tenancy Services data July 2023)
Tenancy Services has recorded an increase in the median weekly rent from $410 in July 2022 to $450 in July 2023, continuing the overall trend for this year.
The number of bonds lodged has slightly decreased from 279 in July 2022 to 270 in July 2023, with the closed bonds also decreasing from 270 to 237 for the same period.
The average number of rental listings available on TradeMe in July 2023 was 331, 10% less than July 2022. We have taken an average of 39 days to rent properties in July while maintaining 99% occupancy, further validating market demand remaining steady.
While it has been reported that immigration is expected to be an estimated 100,000 this year (2% of the population) that many will be residing in the densely populated areas. This has been observed with the level of enquiry being generated on townhouses and apartments by those who are immigrating to New Zealand for work and study opportunities.
Across New Zealand there has been an increased number of cases reported on which have been presented to the Tenancy Tribunal related to privacy breaches and substandard rental conditions including failure to undertake ongoing maintenance and comply with Healthy Homes Standards. This is of importance when considering the value of having a rental property managed by those who are qualified and provided ongoing training aligned with updates to the rental legislations which are constantly changing.