This question not surprisingly is the one that most rental property owners find the most challenging. Asking a high rent could see you sitting on an empty property for longer than you would like; not charging enough could also see you out of pocket.

This is where our market knowledge and experience with current rental market values can help. There are 3 main factors to consider.

The area – School zoning, proximity to public transport, supermarkets, cafes and universities are all factors in what appeal your property will have to prospective tenants, as well as how much they will be willing to pay for it.

Condition – The condition of your property also has a bearing on the price. High end kitchen appliances, dishwasher, modern bathrooms and kitchens, these are all things that will make your property stand out and could get you rent in the upper quartile.

Seasonal -The time of year often gets overlooked. Generally speaking in summer you will achieve a higher rent than you will in the middle of winter as people tend to move less in the cooler months.

Minimising your downtime: We commence advertising as soon as your tenants give notice to ensure as much time as possible to find a suitable tenant. If after a week of advertising we haven’t had many enquiries,  we will contact you to re -evaluate. For every week your property sits empty you are losing 2% of the annual rent. Seasonal factors can come into play when advertising during the winter months.

e.g. if your property rents for $600 per week and it sits empty for two weeks you have lost $1200.  That equates to $23 per week when calculated over the year which effectively brings your rent down to $577 per week for the first year.

Conclusion: If you have a rental property here in Tauranga, and would like more information on the above, including a free rental appraisal ,we are happy to help. We look forward to hearing from you shortly.

The information contained in this article does not in any way constitute legal advice and should not be relied upon as the basis for any legal action or contractual dealings. The information is not and does not attempt to be a comprehensive account of the relevant law in New Zealand. If you require legal advice you should seek independent legal counsel. Evans Property Management Ltd does not accept any liability that may arise from the use of this information.