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Managing your home during the winter months can help keep it warmer, dryer, and more comfortable. Below are some important tips to prevent and manage condensation in different areas of your home.General TipsBlinds &amp; Curtains: These must be opened every day to let sunlight in which will help warm and dry your home, then close them again about 4.30pm. Condensation: &nbsp;Every day you must dry your windows (glass/frame/sill)/doors where condensation forms, &nbsp;to prevent mould and mildew. Ventilation: After drying up Condensation, you must open those windows to allow fresh air to circulate for 10-15 minutes each day. Heating: Maintain a consistent indoor temperature. Use heaters or heat pumps efficiently and ensure you clean out the filter regularly. Dehumidifiers: Consider using a dehumidifier in high-moisture areas. Empty the water container regularly and follow the manufacturer’s instructions. Furniture Placement: Keep furniture slightly away from walls to allow air to circulate and prevent mould growth. Do not put mattresses directly onto carpeted surfaces. Regular Maintenance: Wipe down ceilings (especially bathrooms) on a regular basis to prevent mould (White vinegar is cheap and easy to use). KitchenVentilation: Always use the range hood while cooking to expel moisture-laden air. Open the kitchen window for 5 minutes once you’ve finished. Cooking: Cover pots with lids to reduce steam. Use the smallest amount of water needed when boiling food. Windows: Wipe down any condensation on windows daily to prevent mould growth. BathroomExhaust Fan: Always use the exhaust fan during and after showers to remove moisture. Leave it on for at least 15 minutes after use. Open the bathroom door slightly when finished, as this will help the fan work better. Shower Practices: Keep the shower door or curtain closed while showering to contain steam. Consider using a squeegee to remove water from walls and doors (glass in showers should always dried off) Windows: Always open windows after showering to allow moisture to escape. Wipe down any condensation. Floor: Dry water on the floor and hang up bathmats to dry, do not leave wet towels etc on the floor. If you do not have enough towel rails, please advise your PM and we will see what can be done. LaundryDrying Clothes: Dry clothes outside when possible. If using a dryer, ensure it's vented outside or use a Condenser or Heatpump Dryer. Ventilation: Do not dry clothing on racks in the house unless you have a dehumidifier next to it or you can place the rack by an open door. Washing Machine: Wipe down any moisture around the washing machine after use and keep the door slightly open to air it out. By following these tips, you can keep your home warmer, drier, and healthier during the winter months. If you encounter any persistent issues with mould, please contact your property manager for further assistance.Stay warm and dry!

Winter Home Management: Tips for Tenants

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A new report commissioned by Te Ara Ahunga Ora Retirement Commission highlights how unprepared New Zealand landlords and property management companies are for the growing number of older tenants in the private rental sector.A recent estimate by Te Ara Ahunga Ora based on current housing tenure trends suggests more than 600,000 New Zealanders aged 65 and over may be renting in the private rental sector by 2048, a 100% increase on 2022 levels.Te Ara Ahunga Ora Policy Specialist, Dr Jordan King says with an ageing population, demand for accessible housing is increasing. “The findings from this research suggest the private rental sector is unlikely to provide sufficient accessible housing to meet the growing demand,” he says.“There’s an opportunity for the private rental sector and property management industry to recognise the importance and value of accessibility modifications, and for greater industry dialogue to occur on supporting older renters to ‘age in place’.”Some of the main findings of the report include:74% of landlords believe it is important for ageing tenants to remain in a property as they age even if modifications are necessary. Landlords have positive perceptions of older tenants, as they are seen as reliable, respectful, and low-maintenance. However, 60% agree that ‘older tenants may have accessibility needs which require modifications’ to a property. Landlords have little experience with older tenants, almost half have never had a tenant over 65 years of age. With many landlords having only limited experience of older tenants and their needs, only a small number of landlords (15%) have made or considered making modifications to their properties to address the needs of older tenants. Most modifications are funded by the landlord themselves (57%). Awareness of potential government funding amongst landlords is relatively low (24%), with only 5% of landlords having accessed it. Encouragingly, 39% of landlords would consider making modifications, with only 4% being opposed to making any modifications. Forty-one per cent of landlords are also open to tenants making modifications themselves albeit with permission. For 58% of landlords, making modifications would depend on the cost (37%) or type of modification (21%), indicating it is very much a case-by-case approach in the sector. · &nbsp; &nbsp;&nbsp;*Information sourced from retirement.govt.nz

How ready are New Zealand landlords for growing numbers of ageing tenants?

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Residential Rents Remain Flat in Q2, but Up Year-on-Year by $30 a WeekIn the June quarter (Q2) of this year, residential rents remained stable but showed an average increase of $30 per week compared to the same period last year.Data from Tenancy Services' bond records reveal that the national median rent stood at $600 per week in Q2, unchanged from the first quarter of this year. However, this figure represents a 5.3% rise, or $30 per week, compared to Q2 of the previous year.This trend was also reflected across different types of rental properties.For three-bedroom houses, the median rent remained steady at $650 per week between Q1 and Q2 but saw a 4.8% year-on-year increase, up by $30 per week compared to Q2 last year.Similarly, the median rent for two-bedroom apartments and units was unchanged at $600 per week in Q2 but rose by $25 per week (4.3%) over the previous year.One-bedroom apartments/units experienced the least variation, increasing by $10 per week (2.2%) in Q2 to reach $460 per week, after remaining stable at $450 per week for the prior four quarters.Rental activity also remained flat, with Tenancy Services processing 34,788 bonds in Q2, representing a minimal 0.4% decrease compared to the same quarter last year.Among the 41 main urban districts monitored by Interest.co.nz, 20 saw an increase in median rents between Q1 and Q2, 12 recorded no change, and nine experienced declines. A full breakdown of district-by-district figures is provided in the accompanying table.In terms of the most expensive places to rent, Auckland's Orakei Ward holds the top spot with a median rent of $780 per week, narrowly edging out Queenstown-Lakes at $775 per week.On the other end of the spectrum, Timaru and Invercargill tied for the title of the cheapest rental markets, each with a median rent of $450 per week.Queenstown-Lakes recorded the largest quarterly rent increase, up $75 per week in Q2, while Dunedin posted the biggest decline, with rents dropping by $105 per week in the same period.Dunedin’s rental decrease was not unexpected, as the city typically sees a sharp rise in median rents in Q1 due to the influx of students, followed by a significant dip in Q2. On an annual basis, Dunedin's median rent still showed a $35 per week increase.Overall, Auckland rents showed more moderate annual growth, rising by 4.8% over the year. In contrast, rents in the northern part of the South Island, from Nelson to Selwyn, saw double-digit percentage increases over the same period.

Rents Remain Flat in Q2  - August 2024

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The previous month (June 2024) has seen a record number of available rental properties in the North Island, creating a lean towards a tenant's market where supply exceeds demand. Despite this, many of our properties are still leasing within a reasonable timeframe. In this competitive landscape, it's crucial for landlords to ensure their properties stand out through effective marketing, competitive pricing, and diligent tenant follow-up to secure leases quickly. Landlords should also consider small property upgrades and professional photography to enhance their property's appeal. At The Rent House, we are proud that despite this, we are still maintaining very good results on average across the board.

Rental Market Update - July 2024

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<figure id="figure-xxej79mctulv3k0b4c" class=""><img id="xxej79mctulv3k0b4c" src="https://cdn.durable.co/shutterstock/11Fx97nMHfjYyeQQJPeG5woeHeVWMJbkKTT5kaYWfRFMAnfUeZxbFHdUilJdWuOR.jpeg" alt=" business woman hand calculating her monthly expenses during tax season with coins, calculator, credit card and account bank, idea for dept collection background " title=" business woman hand calculating her monthly expenses during tax season with coins, calculator, credit card and account bank, idea for dept collection background " class="object-cover bg-gray-100 rounded-2xl md:rounded-3xl lg:rounded-4xl" style="aspect-ratio: 16/9; object-position: 85% 55%;" data-corners="default" data-aspect="16:9" data-caption="" data-positionx="85%" data-positiony="55%" data-fullwidth="false" data-mce-src="https://cdn.durable.co/shutterstock/11Fx97nMHfjYyeQQJPeG5woeHeVWMJbkKTT5kaYWfRFMAnfUeZxbFHdUilJdWuOR.jpeg" data-mce-style="aspect-ratio: 16/9; object-position: 85% 55%;"></figure>The Reserve Bank (RBNZ) has confirmed “activation” of the new debt-to-income (DTI) restrictions, along with the related loosening of loan to value ratio (LVR) limits from July 1 this year. Speed limits to lending will apply: » 20% of new owner-occupier lending to borrowers with a DTI ratio over 6; and » 20% of new investor lending to borrowers with a DTI ratio over 7.Banks will need to comply with the new DTI and LVR restrictions from July 1, 2024; having previously been given 12 months to prepare their systems for the possible implementation of DTI restrictions. Some banks have already written these changes into their policies, extra requirements include: • All income sources needing to be evidenced <span style="font-family: inherit; font-size: calc(18px * var(--body-fontSize, 1)); font-weight: inherit; font-style: var(--body-fontStyle, normal); background-color: rgba(249,250,251,var(--tw-bg-opacity));" data-mce-style="font-family: inherit; font-size: calc(18px * var(--body-fontSize, 1)); font-weight: inherit; font-style: var(--body-fontStyle, normal); background-color: rgba(249,250,251,var(--tw-bg-opacity));">• All external debt being evidenced • All debt limits taken into consideration regardless of nil balance, including credit cards, personal loans and overdraft facilities • Higher uncommitted income requirements in the loan servicing calculators for different DTI levels for example, an investor with: ○ A DTI &lt;7 and LVR of 65% requires a pass in the banks loan calculator of $200 per month, and ○ A DTI &gt;7 and LVR of &gt;65%&lt;80% requires a pass in the banks calculator of $300 per month, and ○ A DTI &gt;7 and LVR of &gt;80% requires a pass in the banks calculator of $750 per month <span style="font-family: inherit; font-size: calc(18px * var(--body-fontSize, 1)); font-weight: inherit; font-style: var(--body-fontStyle, normal); background-color: rgba(249,250,251,var(--tw-bg-opacity));" data-mce-style="font-family: inherit; font-size: calc(18px * var(--body-fontSize, 1)); font-weight: inherit; font-style: var(--body-fontStyle, normal); background-color: rgba(249,250,251,var(--tw-bg-opacity));"> The calculation for DTI equals total debt divided by total annual gross income. Some exempt scenarios to DTI ratios include: • Refinancing • Purchasing a new build • Construction loans • Kai Nga Ora Loans • Bridging finance<span style="font-family: inherit; font-size: calc(18px * var(--body-fontSize, 1)); font-weight: inherit; font-style: var(--body-fontStyle, normal); background-color: rgba(249,250,251,var(--tw-bg-opacity));" data-mce-style="font-family: inherit; font-size: calc(18px * var(--body-fontSize, 1)); font-weight: inherit; font-style: var(--body-fontStyle, normal); background-color: rgba(249,250,251,var(--tw-bg-opacity));"> Loosening of the LVR requirements will coincide with banks speed limits now being: » 20% of new owner-occupier lending over 80% » 5% of new investor lending with an LVR above 70% <span style="font-family: inherit; font-size: calc(18px * var(--body-fontSize, 1)); font-weight: inherit; font-style: var(--body-fontStyle, normal); background-color: rgba(249,250,251,var(--tw-bg-opacity));" data-mce-style="font-family: inherit; font-size: calc(18px * var(--body-fontSize, 1)); font-weight: inherit; font-style: var(--body-fontStyle, normal); background-color: rgba(249,250,251,var(--tw-bg-opacity));">We’re expecting a lot of change and appetite for different LVR and DTI levels are likely going to vary between lenders.<span style="font-family: inherit; font-size: calc(18px * var(--body-fontSize, 1)); font-weight: inherit; font-style: var(--body-fontStyle, normal); background-color: rgba(249,250,251,var(--tw-bg-opacity));" data-mce-style="font-family: inherit; font-size: calc(18px * var(--body-fontSize, 1)); font-weight: inherit; font-style: var(--body-fontStyle, normal); background-color: rgba(249,250,251,var(--tw-bg-opacity));">Article contributed by <a data-mce-href="https://vegalend.co.nz/" href="https://vegalend.co.nz/" target="_blank" rel="noopener" data-mce-selected="inline-boundary">Vega Mortgages﻿</a>

RBNZ activates DTI restrictions - June 2024

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<figure id="figure-xxej79mctulv3k0b4c" class="selected"><img id="xxej79mctulv3k0b4c" src="https://cdn.durable.co/shutterstock/28qy4RrpeSqFVPCKSx4NvZzkS3EpIWaRBtiFBqHW7HDAtsJnAA3gvqBqbeG0gTRh.jpeg" alt="Dramatic beach scene, big emerald green wave crashing on the shore, deserted beach in summer. close up wave" title="Dramatic beach scene, big emerald green wave crashing on the shore, deserted beach in summer. close up wave" class="object-cover bg-gray-100 rounded-2xl md:rounded-3xl lg:rounded-4xl" style="aspect-ratio: 16/9; object-position: 85% 55%;" data-corners="default" data-aspect="16:9" data-caption="" data-positionx="85%" data-positiony="55%" data-fullwidth="false" data-mce-src="https://cdn.durable.co/shutterstock/28qy4RrpeSqFVPCKSx4NvZzkS3EpIWaRBtiFBqHW7HDAtsJnAA3gvqBqbeG0gTRh.jpeg" data-mce-style="aspect-ratio: 16/9; object-position: 85% 55%;"></figure>Tsunamis by their very nature arrive largely unannounced apart from the unusually low ‘tide’ that precedes them. In today’s soft property market that unusually low tide is obvious based on the record low property sales volumes. &nbsp;The backdrop for the coming property price growth tsunami includes the current crisis of confidence in the property market. A crisis that was engineered with a somewhat misguided goal to reduce the value of every property in New Zealand in the name of making house prices ‘affordable and sustainable’ for all, forever. A goal that failed to account for the fact that when a manufactured property crisis ends, a boom in property values follows. A goal that failed to account for the long-term natural cyclical nature of the housing market.The last four New Zealand property cycles have provided a rich source of valuable insights that indicate what is beyond the property market ‘event horizon’ for property values. For example, whenever there is a financial crisis, crisis of confidence, or credit crunch then values stall/fall. However, once the crisis dissipates sales volumes, and prices always bounce-back. Property market recoveries are usually rapid and the stampeding herd of potential property buyers, driven in part by ‘animal spirits’, is always difficult to curb once it takes a firm direction. At the moment the herd is still restricted by the current credit crunch and lack of confidence.The ‘Law of the vital few’ however implies house price growth rates are based on very few sales compared to the total number of properties in any given location. That means a relatively small shift in demand in a suburb, or city, can suddenly inspire a significant movement in property values for an entire suburb or even a city.Today the tide that drives the property cycle is turning. The incoming tide when it does arrive looks likely to be more of a tsunami and it’s arrival may well be sooner than you think.- Written by Kieran TrassDirector of <a data-mce-href="https://tellmethetime.co.nz/" href="https://tellmethetime.co.nz/" target="_blank" rel="noopener">TELL ME THE TIME</a>

Our Blog

Winter Home Management: Tips for Tenants

How ready are New Zealand landlords for growing numbers o...

Rents Remain Flat in Q2 - August 2024

Rental Market Update - July 2024

RBNZ activates DTI restrictions - June 2024

The Coming Property Price Growth Tsunami - May 2024