Desperate Measures for Students Seeking Auckland Rental Properties
February 26, 2015 at 8:09 PM
Cash bribes and CV-like applications are just two of the measures being taken by desperate students in Auckland who are looking to secure centrally located and affordable rental properties.
According to experts, fast increasing house prices in suburbs of Auckland including Ponsonby, Grey Lynn, Mt Eden and Epsom is largely to blame for a worsening shortage of suitable rental properties. It is these suburbs where around 40,000 AUT and University of Auckland students are trying to capture residence.
Many people are being forced to turn to Auckland property management companies and several parents are showing up to open homes in an attempt to show a good impression and help secure rentals.
Auckland Property Investors Federation officials have suggested that many people in these Auckland suburbs nearing retirement who own $1.5 million to $2 million properties were electing to sell up and cash in on what is a buoyant market, rather than opt for rental returns on their property investments. Many of these former rental properties are also being converted into family homes.
On a Thursday early in 2015 a 4 bedroom rental property in Mt Eden with an asking rent of $650 per week attracted over 150 prospective tenants and more than 40 written applications.
The Auckland rental property demand has become so intense that many prospective tenants are applying to rent properties before viewing them. Some are providing CV-like applications, whilst others are trying to lure landlords with offers of cash.
The number of available rental properties in Auckland on Trade Me have dropped by almost 25% over the past year, with those in Auckland city dropping as low as 35%.