The government-enforced rent freeze has come to an end. Below we look back at how the rent freeze came about, and what this now means for landlords.
Covid-Response
On 23 March 2020, the Government announced a freeze on rent increases and an extension of no-cause terminations through the COVID-19 Response (Urgent Management Measures) Amendment Act, which came into effect on 26 March 2020.
The six-month freeze on residential rent increases and increase in protection from having their tenancies terminated was put on place to support New Zealanders, helping tenants stay in their rental properties.
Rent Freeze Ends in September
On 25 September 2020 the rent freeze came to an end. With the new rent review cycle changing from bi-annual to yearly, there may be many landlords hoping to start their new annual rent cycle as soon as possible. For the most part though there likely will be many more who will wait to adjust their rent for when their tenancy agreement termination date approaches during the Summer market when rents are at their highest.
If you're considering Property Management get in touch with us today. Locally owned and managed, we offer residential property management services across the entire Wellington & Hutt Valley region.
We take care of investments, offering peace of mind and a personal service to investors and tenants alike. Our solutions are backed by industry-leading technology and proven systems that promote both excellent property care and strong investment returns. Taking on all aspects of the landlord’s role, we guide our clients with professional, tailored advice using our extensive experience and insight in the rental market that can only be built over time.
If you would like to chat about the possibility of working together, or to receive a no-obligation, FREE Rental Appraisal get in touch with our team today.
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