Marlborough Rental Shortage Set to Continue

Marlborough Rental Shortage Set to Continue

harcourts-17Marlborough is facing a shortage of rental properties as home-owners take advantage of a strong property market to sell up.

Harcourts Marlborough property management division manager Lavina Diamanti says there are currently more people looking for rentals than houses available, a demand she doesn’t expect to ease in the foreseeable future.

“A whole lot of things have affected [the number of properties available],” Lavina says.

“There have been a number of changes in the last 18 months which have affected investment owners including the new insulation and smoke alarm requirements, and we also have the challenges with methamphetamine contamination.

“That is causing quite a few owners to make the decision to get out of the investment market.”

Others had become “accidental landlords” after previously being unable to sell their home, and are now taking advantage of a strong market to sell up, Lavina says.

Added to those factors is the 40% deposit requirement for investment purchasers the reserve bank has introduced to help first-home buyers into the market, as well as a removal by Housing New Zealand of some of their stock from the rental market, she adds.

The reduction in homes available has lead to many prospective tenants asking how they may be able to increase their chances of being selected above other applicants.

Lavina says the process is similar to that of applying for a job, and applicants need to ensure they have strong references, up-to-date contact details for previous landlords, and good credit history.

“People who have got really good references and clean credit, they are going to win each time,” she says.

1447264341177Alongside strong credit and references, it is also important to ensure first impressions of all potential tenants, including children, are positive.

“First impressions count; often we have multiple quality applications and it comes down to the little things that make a difference when presenting applications for owner approval” Lavina says.

Being in a position to be able to pay a bond, as well as the first weeks’ rent and the letting fee is also important, she says.

Those looking for rental properties in Marlborough can keep an eye on the listings here, or call into Harcourts Marlborough, at 1 Scott St, Blenheim.

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