The summer market is heating up as tenants, landlords and property managers alike are preparing themselves for the upcoming busy season.
It appears tenants in the more family-oriented suburbs like Vogeltown, Newlands, Strathmore Park and Lyall Bay are preferring to stay put at the moment, with today’s listings in these suburbs decreasing by at least 73% compared to 7th December 2015.
On the other side of the spectrum, property availability has significantly increased in the primarily student-oriented suburbs of Newtown, Aro Valley and Mount Cook, with 257% more properties listed in Newtown and 180% more in Aro Valley compared to 7th December 2015.
While it can be difficult to pinpoint the specific reasons for this increase, it could be because landlords are proposing a higher rent to extend the tenancy, and with university finishing this month, it’s possible student tenants are not prepared to re-sign at a higher rent and instead will go home for summer and re-enter the market next year.
