How Long Should I Expect It to Take to Rent My Property?
One of the most frequently asked questions is: How long will it take to rent out my property?
Properties can rent within vastly different timeframes, influenced by several factors, including price, demand, and the competition generated by the supply of other properties actively being marketed. Some properties may rent within a week of being advertised, while others may take up to 60 days. This is why experience and an understanding of market behaviour are essential when making rental recommendations.
This question has become even more relevant for both new and existing landlords due to changes in tenant movement, behaviour, and the impact of the cost of living on rent affordability.
According to the Ministry of Housing and Infometrics, it is recommended that 25-30% of total wage (before tax) should be allocated to accommodation costs, with additional fixed expenses such as insurance, utilities, food, and other incidental costs. This is important for landlords and advisors to keep in mind during the appraisal process, particularly when considering the target market for the property and planning an effective marketing strategy.
Preparing Your Property for Rent
Preparation is key to presenting your property in a way that appeals to potential tenants while ensuring a smooth move-in process. Here are some steps to take in advance of marketing your property:
|
WHAT |
HOW |
WHY |
|
Pricing |
Request a comprehensive rental appraisal from an experienced Property Management professional. |
Nidd Property Management will provide a detailed report that quantifies and qualifies the recommended market rent for your property. |
|
Cleaning |
Schedule a commercial clean before the property is advertised. |
A clean home enhances the property’s features and shows tenants that it has been well cared for, setting the right expectation for the tenancy. |
|
Section Maintenance |
Arrange for section maintenance during the marketing process. |
This is one of the first things tenants will notice when they arrive for a viewing. |
|
Utilities |
Keep the power connected until the new tenant moves in. |
This ensures lighting and heating can be used during viewings, showcasing the property’s features. |
|
Smoke Alarms |
Install photoelectric smoke alarms within 3 metres of each bedroom door and on each level of multi-level homes. |
This ensures compliance with the Residential Tenancies (Smoke Alarms and Insulation) Regulations 2016. |
|
Healthy Homes |
Arrange a Healthy Homes assessment through a reputable third-party company. |
This ensures compliance with Healthy Homes standards and provides documentation for the tenancy. Note: All rental properties must be compliant as of 1st July 2025. |
|
Insurance |
Contact your insurance provider to notify them that the property will be rented. |
Insurance details need to be held on file and included in the Insurance Statement attached to the tenancy agreement. |
Conclusion
Understanding the market and the specifics of your property will help ensure a favourable outcome within the shortest possible timeframe.