Shortage driving Hamilton values
A prospective tenant was so desperate to secure a Hamilton rental recently that she offered to up the letting fee by $1,000. Her bribe was declined, but the scenario illustrates just how severe the shortage of rentals is in Hamilton.
On Trade Me Property, houses for rent only number around 300, compared to the usual 1000-odd rentals typically available at this time of year.
Ray White Hamilton City managing director Fraser Coombes says Ray White currently has about 1% vacancy across their rental portfolio. “If we had an extra 100 or 200 properties then we’d be able to fill them easily.”
The shortage can be put down to older landlords selling up stock and established landlords investing in their existing rentals, rather than buying new stock, says Glasshouse Property Management’s Jeremy Baker.
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