Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Rental Properties Glut Spells Losses After RWC

Rental Properties Glut Spells Losses After RWC

Property owners who rent out their property during the Rugby World Cup stand to lose what they gained after it's all over.

Nation-wide residential property management company Quinovic is warning of a glut of rental properties flooding the market - and it's likely to last for up to 3 months.

Quinovic Business Development Manager Juliet Robinson says in November when all the tourists have gone, apartments and homes coming onto the market will face extra competition from other rental properties up for annual renewals.

She says many of those trying to take advantage of the opportunity that the Cup provides have been quite short sighted.

"Those who inflated rents will certainly not attract the same level of income after the Cup and for a while may not be able to attract anything at all. So they stand to lose what they gained."

Ms Robinson says Quinovic around the country has rented very few properties out for World Cup visitors - cautioning its clients about potential post-Cup losses.

"We always stress the stability of long term tenancies and the reliable revenue that provides," Ms Robinson says. "Long term tenants are also unlikely to cause problems and damage whereas that can't be said about some short-term visitors."

Ms Robinson says the warning just issued by insurers that property owners face losses from trashing is very real and they won't be covered if insurance companies are unaware of a property's use by short-term tenants.

She says most of those letting out their homes or other properties privately know little about tenant vetting, monitoring and management, or the legalities, tax implications and Residential Tenancies Act requirements

Quinovic is the country's largest independently owned residential property manager - dedicated solely to management and not selling of real estate.


© Scoop Media

Business Headlines | Sci-Tech Headlines


SEA: Another First For Solar Energy In New Zealand

The Sustainable Energy Association NZ (SEANZ) congratulates Sunergise on the commissioning of the Sunergise Kapuni Solar Power Plant, the largest in the country... More>>

Accenture: More Boomers Than Zoomers Want To Work From Home

While often associated with tech savvy Gen Z or Zoomers, new global research from Accenture shows that the push for more flexible working environments is being led by Gen Xers and Baby Boomers... More>>

Maritime Union: Deepening Supply Chain Crisis Requires Action

Maritime Union of New Zealand National Secretary Craig Harrison says the global COVID-19 pandemic exposed pre-existing weaknesses in our logistics sector, and created enormous problems... More>>

Banking: Westpac New Zealand To Remain Part Of Westpac Group

Westpac New Zealand Limited (WNZL) remains part of Westpac Group following a decision for the two businesses not to demerge. Westpac Group Chief Executive Officer, Peter King, said: “After a detailed review, we believe a demerger of the WNZL business would not be in the best interests of shareholders... More>>

Mercury: Enters Into Binding Agreements To Acquire Trustpower’s Retail Business

Mercury NZ Limited (Mercury) has announced that it has entered into binding agreements with Trustpower Limited (Trustpower, NZX:TPW) to acquire Trustpower’s retail business for NZ$441 million... More>>


ASB: New Zealanders Missing Out On Hundreds Of Millions In KiwiSaver Government Contributions

New Zealanders have just over a week to ensure they’re eligible for the maximum annual government KiwiSaver contribution... More>>