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What tenants really want

The drive for healthy rental homes has put tenant needs into the spotlight but now a new survey has exposed what Auckland renters look for in a property.

Wednesday, October 11th 2017, 11:30AM

by Miriam Bell

A Barfoot & Thompson survey of 1,000 tenants living in properties managed by the agency found that the number one factor for most (88%) in choosing a rental property is price.

This was closely followed by location, with 85%.

The number of bedrooms (67%) and kitchen space (52%) were also important.

The most popular “extras” which influenced renters’ choices of property included additional car parking spaces (57%) and extra storage space (53%).

Outdoor space, a fully fenced section, and pets being allowed were also popular features, with each scoring over 40%.

Barfoot & Thompson Director Kiri Barfoot said that, unsurprisingly, tenants and property buyers are looking for the same things.

“These are the right amount of space, in a good location for work and schools, and something within their budget.

“Further down the list, but still important, renters also named insulation and good heating.”

The survey also looked at tenancy duration and the results suggest that longer term tenancies are more common than often thought.

Forty-seven percent of tenants had been in their rental property for over five years and another 20% had been in their property for between two and five years.

Eight percent of tenants had been in their rental property for less than six months while 24% had been in theirs for less than two years.

Tenants’ reasons for staying in a rental property beyond one year included the property having reasonable rent (64%) and being close to school and/or work (59%).

Barfoot said that tenancy duration and security is very important for both tenants and landlords, which is why it’s important to understand what keeps tenants happy in a property.

However, the survey also shows that a majority of tenants want to own a home of their own, with 59% saying they intended to buy in the next two to five years.

Barfoot was surprised at this result, but said that a number of factors could be behind it.

“Auckland’s housing market has steadied in the past few months after several years of rising prices – we also have around 30% more houses listed for sale than the same time last year.

“More choice is good for people thinking about buying. The unitary plan has also been confirmed, creating some certainty about future development in Auckland.”

Read more:

Minimum standards for insulation and heating a step closer 

Political support for longer term leases 

Landlords, get talking to your tenants 

« Landlords urged to get onto insulation Rental prices could spike »

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Lender Flt 1yr 2yr 3yr
AIA - Back My Build 5.44 - - -
AIA - Go Home Loans 7.99 5.99 5.69 5.69
ANZ 7.89 6.59 6.29 6.29
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 5.99 5.69 5.69
ASB Bank 7.89 5.99 5.69 5.69
ASB Better Homes Top Up - - - 1.00
Avanti Finance 8.40 - - -
Basecorp Finance 9.60 - - -
BNZ - Classic - 5.99 5.69 5.69
Lender Flt 1yr 2yr 3yr
BNZ - Mortgage One 7.94 - - -
BNZ - Rapid Repay 7.94 - - -
BNZ - Std 7.94 5.99 5.69 5.69
BNZ - TotalMoney 7.94 - - -
CFML 321 Loans 6.20 - - -
CFML Home Loans 6.45 - - -
CFML Prime Loans 8.25 - - -
CFML Standard Loans 9.20 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 5.79 - -
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Owner Occ 7.65 5.99 5.75 5.69
Co-operative Bank - Standard 7.65 6.49 6.25 6.19
Credit Union Auckland 7.70 - - -
First Credit Union Special - 6.40 6.10 -
First Credit Union Standard 8.50 7.00 6.70 -
Heartland Bank - Online 7.49 ▼5.65 ▼5.55 ▼5.55
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.00 6.50 -
ICBC 7.49 5.99 5.65 5.59
Kainga Ora 8.39 7.05 6.59 6.49
Kainga Ora - First Home Buyer Special - - - -
Lender Flt 1yr 2yr 3yr
Kiwibank 7.75 6.89 6.59 6.49
Kiwibank - Offset 8.25 - - -
Kiwibank Special 7.75 5.99 5.69 5.69
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 8.44 ▼6.39 ▼6.09 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
SBS Bank 7.99 6.95 6.29 6.29
SBS Bank Special - ▼6.15 5.69 5.69
SBS Construction lending for FHB - - - -
Lender Flt 1yr 2yr 3yr
SBS FirstHome Combo 5.44 ▼5.15 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.75 - - -
TSB Bank 8.69 6.79 6.49 6.49
TSB Special 7.89 5.99 5.69 5.69
Unity ▼7.64 5.99 5.69 -
Unity First Home Buyer special - 5.49 - -
Wairarapa Building Society 8.50 ▼6.19 ▼5.79 -
Westpac 8.39 6.89 6.39 6.39
Westpac Choices Everyday 8.49 - - -
Westpac Offset 8.39 - - -
Lender Flt 1yr 2yr 3yr
Westpac Special - 6.29 5.79 5.79
Median 7.99 6.17 5.79 5.69

Last updated: 30 October 2024 9:36am

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