Property Management Update December 2015€¦ · Property Management Update December 2015 Another...
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Property Management Update December 2015 Another year has flown by, and we are only a few weeks from Christmas (as I write)! This means, of course, that it is time for the final market update for 2015. It seems that the market is remaining somewhat soft in comparison to what we have seen in 2014 and the majority of 2015. The supply of rentals has crept up recently, giving tenants more choice in rentals than what they may have had previously. The number of properties available for rent on TradeMe is a good barometer of the current supply - at the time of writing, there are 63 rentals on TradeMe – quite a jump compared to what we had been seeing (35-45). Rents (for the most part) seem to have plateaued at this point. As noted in the last update, we are moving from what is usually a quieter time of year in the rental market to what is generally the busiest, so it will be interesting to see how the market performs in the first quarter of 2016. In November we rented more properties than in any other month in 2014 or 2015, so there are still definitely good potential tenants out there looking for properties to rent. Kind Regards, David Ray White Timaru T 03 688 6277 M 027 688 6277 E [email protected] 23 Sophia St, PO Box 47, Timaru Michelle Greer Real Estate Ltd rwtimaru.co.nz Payments & Dates The Ray White Timaru office will be closed from 5.00pm 23 December 2015 until 8.30am 11 January 2016. We will still be contactable for urgent matters on 027 688 6277 or by email – [email protected]. There will be an extra payment made to you on 22 December of rent collected up to that date; the December end of month payment will made on 11 January. Sending you Christmas cheer this festive season, we would also like to say thank you and best wishes for the New Year from the team at Ray White Timaru. Office Update Our team have been happy to receive two quarterly awards in 2015 for our particularly low rent arrears (as measured at the end of each month – often at 0%), putting us into the coveted Zero Arrears Club within Ray White NZ. While we cannot always keep arrears to such a low level – it would be highly unusual for us to have rent arrears in excess of 2% of our managed properties. This is a very low rate by industry standards. This is achieved by checking rent payments daily, following up daily and through taking appropriate action as necessary – as with many aspects of property management, the systems and procedures make all the difference. However, a thorough tenant vetting process is also crucial, and something we take equally seriously.
Transcript of Property Management Update December 2015€¦ · Property Management Update December 2015 Another...
Property Management Update December 2015
Another year has flown by, and we are only a few weeks from Christmas (as I write)! This means, of course, that it is time for the final market update for 2015.
It seems that the market is remaining somewhat soft in comparison to what we have seen in 2014 and the majority of 2015. The supply of rentals has crept up recently, giving tenants more choice in rentals than what they may have had previously. The number of properties available for rent on TradeMe is a good barometer of the current supply - at the time of writing, there are 63 rentals on TradeMe – quite a jump compared to what we had been seeing (35-45).
Rents (for the most part) seem to have plateaued at this point. As noted in the last update, we are moving from what is usually a quieter time of year in the rental market to what is generally the busiest, so it will be interesting to see how the market performs in the first quarter of 2016.
In November we rented more properties than in any other month in 2014 or 2015, so there are still definitely good potential tenants out there looking for properties to rent.
Kind Regards,
David
Ray White Timaru
T 03 688 6277 M 027 688 6277E [email protected]
23 Sophia St, PO Box 47, TimaruMichelle Greer Real Estate Ltd
rwtimaru.co.nz
Payments & DatesThe Ray White Timaru office will be closed from 5.00pm 23 December 2015 until 8.30am 11 January 2016. We will still be contactable for urgent matters on 027 688 6277 or by email – [email protected].
There will be an extra payment made to you on 22 December of rent collected up to that date; the December end of monthpayment will made on 11 January.
Sending you Christmas cheer this festive season, we would also like to say thank you and best wishes for the New Year from the team at Ray White Timaru.
Office UpdateOur team have been happy to receive two quarterly awards in 2015 for our particularly low rent arrears (as measured at the end of each month – often at 0%), putting us into the coveted Zero Arrears Club within Ray White NZ.
While we cannot always keep arrears to such a low level – it would be highly unusual for us to have rent arrears in excess of 2% of our managed properties. This is a very low rate by industry standards.
This is achieved by checking rent payments daily, following up daily and through taking appropriate action as necessary – as with many aspects of property management, the systems and procedures make all the difference. However, a thorough tenant vetting process is also crucial, and something we take equally seriously.
Latest Rental StatisticsMarket Rent in Timaru Township:
01 May 2015 – 31 Oct 2015
Number of bonds received: 355 LOWER QUARTILE $240
MEDIAN $295
UPPER QUARTILE $330
Number of Bonds Received per Property Type
Investments For Sale
1/190 North St Offers Over$225,000
21 Puriri St Deadline Sale 26 James St $182,750
2 1 1 3 1 2 2 1 -
Available Rentals Recently Rented
276B Wai-iti Rd $350 per week 42 Glen St $320 per week 105 Church St $300 per week
3 1 2 3 1 1 2 1 -
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FLATS HOUSES APARTMENT
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