Better Housing Supply Key To Wellington’s Rental Market
Wellington, Wednesday 24 January - Sustainable housing supply will help ease rental supply issues in Wellington, benefiting both renters and property investors.
Recent reports have highlighted supply issues in the CBD, with some renters reporting an increase in rents.
Comprende, a leading Wellington property management company, says the city traditionally experiences peak demand at this time of year. Director Grant Foggo says this is driven by complex factors.
“We look after a number of properties in the city. January and March is traditionally our busiest time of year - influenced by the return of universities, corporate workers relocating, and landmark companies like Weta gearing up for ongoing production
“Despite recent commentary, we haven’t had any conversations with our owners about increasing rents to capture an increase in student allowances. This isn’t on their radar,” says Grant Foggo.
Demand in Wellington being driven by an incredibly buoyant property market, leading to more investors exiting the market due to strong sales prices.
“Fewer rentals available affects supply. We’ve been working with renters since late last year who were looking to get ahead of the game and secure a home early. Likewise, we also work closely with our property owners in anticipation of this demand so we can avoid issues around supply.
“We believe that property owners have an important role to play in providing rental accommodation, they are firmly part of the solution to the housing situation in Wellington.
“There are more legislative changes on the horizon for property investors in 2018 - at both local and central government level, which if not carefully managed could further reduce supply.
“We want all key stakeholders to work together - from renters to owners, to both local and central Government - to have open conversations about improving housing supply in Wellington, ultimately benefiting both owners and renters,” says Grant Foggo.
Established in 2014, Comprende acquired Just Property Management in 2016 and looks after properties across the Wellington region, including a large number of apartments. People and property are at the heart of what they do, and they work to create happy relationships between property owners and their residents, redefining the property rental market.