Tenant trouble pushes landlords to sell
Landlords told the Bay of Plenty Times today that they were putting their rentals on the market because it was not worth the stress of dealing with damage and unpaid rent.
"I have just had a string of dodgy tenants who have cost me thousands and, for me, it is just not worth it anymore. I would rather invest in the sharemarket where I can make a profit without the hassle. It's not just me, I know a lot of former property investors who do not see the point anymore,” Tauranga landlord Daniel Sycamore said.
NZPIF president Andrew King said there were a lot of investors who sold up because they could not handle the tenants. “It’s often painted that they are selling because of capital gains and they want to cash in but actually holding a property as long as possible increases your profit. You don’t want to sell.”
He said it was quite a widespread problem.
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