Tenants still have the upper hand in the rental market, and real estate agents are urging clients to inject their properties with the wow factor, or drop the rent if they want to fill them quickly.
Andrew King, vice-president of the
New Zealand Property Investors' Federation, says it's common to experience a flood of rental listings during the slump phase of the property cycle.
"In a slow market, tenants have a high degree of choice and often face nervous landlords who may be willing to reduce rents just to secure a tenant," he says.
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Article tags: Barfoot & Thompson, Crockers Property Group, Huw Evans, Just Rentals, Martin Hawes, Quinovich Hamilton, Sylvia Lund, trademe
Hundreds of New Zealanders are offloading their holiday homes and seaside baches - and some are going to desperate measures to sell up.
Estate agents report bargains galore for coastal property investors, with some homes and baches selling below government valuations.
Economic commentators debate the benefit of owning a second home in a holiday hotspot.
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Landlords have developed their own set of rules, barring them from renting dirty places, telling lies or making racist remarks to tenants.
The national landlord membership and lobby group, the
Property Investors Federation, has released a guide which it wants members to show to tenants.
Federation vice-president Andrew King said most members were already following the code.
"There's nothing to stop members breaking it. We don't have any powers over them - that's the job of the Tenancy Tribunal and the courts. If we are aware of them not getting things right, then by keeping them as members we have a better chance of stopping them from getting into trouble.
"The code isn't to regulate them, it's to inspire professional and profitable behaviour and keep out of trouble."
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