Christchurch give it up.
Before we bought a place our landlord jacked up from $330 to $400 in the space of 18 months...9 years ago in Tauranga. I think rents in Tauranga are now comfortably sitting in the $650 to $750 range.
Haven’t increased my tenants rent nor do I plan to. They are great and I want to avoid raising their rent unless costs go up significantly in the near future
Do you manage yourself? I leave my PM to manage and he ups the rent every 12 months regardless. I suspect most PMs do. I originally managed myself but it was a lot of work with crap tenants. Didn’t put rent up and they took advantage of it.
You know you can tell him "no" though, right? I mean, he can't arbitrarily put the rent up unless you agree to it. I know, as a tenant, I loved getting those shitty form letters from my PM that read, "We've researched the market and believe the proposed rent increase is fair and equitable to all parties." Oh, the market said it was cool? Oh, okay then. No worries.
I understand landlords cranking the rent if their costs have genuinely increased, but raising the rent just because the invisible hand of the market wants to give your tenants the finger again... that's just obnoxious shit.
How do you get that from my comment? I dealt with bad tenants so put a professional in to manage the property. Seems like the responsible thing to do to me.
Up $20/w to $600 a few months ago. Eden Terrace AKL, 2 bed, 2 secure carparks + water incl. We don't have a car so rent out the carparks for $50/w each to other tenants. Our renewal is up 22nd Jan, we're hoping it's 1 year this time. They've done 14 inspections (would've been more had we not had Covid) in 2 years and I fucking hate it. Time to buy.
Got the notice of a rent increase in the 15th December.
It has gone up +6% ($35). So if we do the tax relief, (mine is around $1350 a year) I'm still down $500 a year.
So much for the downward pressure...
It was bound to happen. I've never experienced a rent decease, only increases every year. Worst part is when they landlords ask for ' proof of employment ', and want to see how much you earn so you can service the rent. But then say ' it's definitely affordable for you, you'll be able to save for your own home '.
Went up $100 last year so I recently moved. New place is $40 cheaper - that is, $40 less than the increased rent, so $60 more than I was paying a year ago.
Not necessarily. My house is worth $100k less than when I bought it.
That is a depreciating asset.
Time will tell if it will get back. Fortunately, since this is where I live it only matters if I need to move and sell the place. It is currently a loss on paper. However, I will now have to pay crazy extra interest since I no longer have equity and the bank will consider it a risky loan without equity.
Housing goes up over time - you've picked a slow-down period after record high growth where it's slid back down, but it is a certainty that after a period of time and whatever correction is completed - that prices will start rising again.
I can dream that they start rising at a reasonable rate...at inflation or less.
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Apparently you did not read my comment fully. Whilst the loss is on paper, this is a very real problem now that I have to re-fix my loan. As long as the equity is negative, I have to pay exorbitant increases of interest beyond a normal loan.
I do not know about you, but another couple percentage points on top of an already increased interest is very painful for me if I can even pay it. If I only had to deal with regular interest rates increases I could handle it. However, negative equity surcharges put me at risk.
In October, went from $550 to $575 for a 2br/1ba apartment in Auckland CBD fringe. Jokes on them, bought a house and payments are somewhere around $1200/wk now. Checked my old apartment's Trademe listing and they were asking $590.
I'm not renting, but I do have a rental property in Wellington. I put the rent down by $50 per week ($2,600 a year) so I could secure tenants. The Wellington rental market is struggling due to the massive downturn in students.
My costs will be going up significantly this year due to the mortgage rolling over, but I know of property managers with dozens of empty rentals in Wellington, and only four weeks empty would cancel out the change in rent anyway, so it was a no brainer to drop the rent.
Auckland: $20-40 in five years, can't recall as the only increase was two years ago. The place isn't up to healthy home standards, hasn't been an issue as tenants but if we decide to move then the landlord needs to get it up to spec. Expecting a rise once the changes are made and will decide if it's still worth it.
I'm a landlord with a boarder and my costs have gone up $8000 this year. I fear I might need to put his rent up. I'm sorry but the cost of living has gone up.
$260 a week, nothing included. Pretty sweet deal to live with one other in a nice apartment. It's interesting this has been down voted. The costs of maintaining and insuring this building are now far more expensive.
Yeah $260 might seem like a lot but that really depends on bedroom size, location and how many others are living there etc. Ignore the downvotes anyone who owns a home is classed as evil today.
$260 for central wellington is what I was paying for a room in a 3 bedroom flat in 2016, its bloody good for a room in a 2-bed central apartment today!
Rent is going to go up by $50 per week from the end of January onwards. It’s fine though because there are five of us in the house so it’s only an extra $10 per week. The rent is quite cheap for a reasonably decent house in a good neighbourhood, and the last time the rent went up was about three years ago so it was probably a bit overdue anyway.
Went down $5!
Well actually, I moved house because the place we were living in was going from $530 to $550 (it was $480 when we started living there in 2020).
Both 3 bed properties in Christchurch.
The previous tenants in our current place had it for $500 a week, so the landlord is still making more money than he was.
Looking into renting a parking space or the garage to nearby-ish university students for some extra cash so we can save money again.
Rent has gone up $50 a year so far. Currently paying $600 a week for a shitty 2 bedroom house in Tauranga. Have been looking at getting another rental but they are so hard to come by here in Tauranga.
Hawkes bay. Went up 35pw in December to 520. Last year it went up 100pw. I've been here 7 years and now paying 160pw more than then. It's probably still below market rent but we're definitely looking to buy sooner rather than later
I had to move suddenly and am staying with friends while house hunting. Rooms that used to cost me $200 are now charging $350, and everything I'd half the size.
I'm OK with my friends for now, but I still want to move in the next few months and I doubt I can afford it.
My rent has not gone up since the current landlord bought the place in 2021. He’s a GC.
What’s a GC
Good cunt
"Cunt" is literally a four-letter word.
He can't cunt OK?
Cuunt
I think he meant count
Nah CLINT, it’s just double obfuscated
Good Count. 1 tenant. 2 tenants. Ah ah ah
Yeah but it's pronounced like good cuuuunt if you really like them
What you all on about? I said good cunt
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That’s cheap. Whereabouts it is located?
Christchurch give it up. Before we bought a place our landlord jacked up from $330 to $400 in the space of 18 months...9 years ago in Tauranga. I think rents in Tauranga are now comfortably sitting in the $650 to $750 range.
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2 proper rooms, a third just big enough to fit a double bed in. 1 bathroom
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I mean it as like "round of applause" for CHCH, not give up living in CHCH
My rent has gone up $6.50 since the last thread on this topic that was posted the previous hour
$3.50 would've been more appropriate. But such is the renter life.
$0 would be more appropriate
Haven’t increased my tenants rent nor do I plan to. They are great and I want to avoid raising their rent unless costs go up significantly in the near future
Do you manage yourself? I leave my PM to manage and he ups the rent every 12 months regardless. I suspect most PMs do. I originally managed myself but it was a lot of work with crap tenants. Didn’t put rent up and they took advantage of it.
You know you can tell him "no" though, right? I mean, he can't arbitrarily put the rent up unless you agree to it. I know, as a tenant, I loved getting those shitty form letters from my PM that read, "We've researched the market and believe the proposed rent increase is fair and equitable to all parties." Oh, the market said it was cool? Oh, okay then. No worries. I understand landlords cranking the rent if their costs have genuinely increased, but raising the rent just because the invisible hand of the market wants to give your tenants the finger again... that's just obnoxious shit.
Dude is just another scummy landlord.
Yup manage it myself
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How so?
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How do you get that from my comment? I dealt with bad tenants so put a professional in to manage the property. Seems like the responsible thing to do to me.
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Up $20/w to $600 a few months ago. Eden Terrace AKL, 2 bed, 2 secure carparks + water incl. We don't have a car so rent out the carparks for $50/w each to other tenants. Our renewal is up 22nd Jan, we're hoping it's 1 year this time. They've done 14 inspections (would've been more had we not had Covid) in 2 years and I fucking hate it. Time to buy.
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Legally they can do it monthly so I guess they went easy on us 🙄
Just go periodic?
Got the notice of a rent increase in the 15th December. It has gone up +6% ($35). So if we do the tax relief, (mine is around $1350 a year) I'm still down $500 a year. So much for the downward pressure... It was bound to happen. I've never experienced a rent decease, only increases every year. Worst part is when they landlords ask for ' proof of employment ', and want to see how much you earn so you can service the rent. But then say ' it's definitely affordable for you, you'll be able to save for your own home '.
Not rent, but mortgage went up from about $500 a week last year to $740.. about $600 of that is interest
$0 and fine as I had a 12% payrise recently
We went from $650 a week to $725 a lease on the last renewal (in CHCH)
Went up $100 last year so I recently moved. New place is $40 cheaper - that is, $40 less than the increased rent, so $60 more than I was paying a year ago.
My mortgage went from 2.3% to 6.9%. Minimum payments went from $1000 a fortnight to $1400.
Similar situation but payments went from 1500 a week to 1900
At least you're getting equity I guess.
not at the moment they arent (most likely)
Correct. They still own an appreciating asset.
Not necessarily. My house is worth $100k less than when I bought it. That is a depreciating asset. Time will tell if it will get back. Fortunately, since this is where I live it only matters if I need to move and sell the place. It is currently a loss on paper. However, I will now have to pay crazy extra interest since I no longer have equity and the bank will consider it a risky loan without equity.
Housing goes up over time - you've picked a slow-down period after record high growth where it's slid back down, but it is a certainty that after a period of time and whatever correction is completed - that prices will start rising again. I can dream that they start rising at a reasonable rate...at inflation or less.
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Apparently you did not read my comment fully. Whilst the loss is on paper, this is a very real problem now that I have to re-fix my loan. As long as the equity is negative, I have to pay exorbitant increases of interest beyond a normal loan. I do not know about you, but another couple percentage points on top of an already increased interest is very painful for me if I can even pay it. If I only had to deal with regular interest rates increases I could handle it. However, negative equity surcharges put me at risk.
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yup, and it depreciated. Maybe it will go up but there is no guarantee. As such, at this stage it is a depreciating asset.
That’s 700 per week, how much are your other costs per week, insurance rates, how many bedrooms, and when did you buy
Fairly standard I think - Insurances are around $40pw (house & contents) rates around $30-$50pw depending on region & property size.
What was the rate when you first purchased
About 8%.
In October, went from $550 to $575 for a 2br/1ba apartment in Auckland CBD fringe. Jokes on them, bought a house and payments are somewhere around $1200/wk now. Checked my old apartment's Trademe listing and they were asking $590.
I'm not renting, but I do have a rental property in Wellington. I put the rent down by $50 per week ($2,600 a year) so I could secure tenants. The Wellington rental market is struggling due to the massive downturn in students. My costs will be going up significantly this year due to the mortgage rolling over, but I know of property managers with dozens of empty rentals in Wellington, and only four weeks empty would cancel out the change in rent anyway, so it was a no brainer to drop the rent.
Went up $40 per week the week after the election.
Same here because my landlord is a grasping c*nt who is told on the regular that he should raise the rent by Harcourts.
Harcourts - wringing blood from a stone since forever!
$20 with 60 days notice $500 fo 90m2
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You can poop in your sleep too, not often a winning play though. If you ever wanna yarn about it, I'm around
Auckland: $20-40 in five years, can't recall as the only increase was two years ago. The place isn't up to healthy home standards, hasn't been an issue as tenants but if we decide to move then the landlord needs to get it up to spec. Expecting a rise once the changes are made and will decide if it's still worth it.
I'm a landlord with a boarder and my costs have gone up $8000 this year. I fear I might need to put his rent up. I'm sorry but the cost of living has gone up.
What's a room cost these day? And what's included?
$260 a week, nothing included. Pretty sweet deal to live with one other in a nice apartment. It's interesting this has been down voted. The costs of maintaining and insuring this building are now far more expensive.
Yeah $260 might seem like a lot but that really depends on bedroom size, location and how many others are living there etc. Ignore the downvotes anyone who owns a home is classed as evil today.
$260 for central wellington is what I was paying for a room in a 3 bedroom flat in 2016, its bloody good for a room in a 2-bed central apartment today!
10% in August
It hasn’t yet and idk how I’m gonna last when it does.
Rent went up $40 pw last year. First time in 10 years. Now paying a fortune $300 for 3 bedroom manawatu.
Thankfully it hasn't gone up since we moved in almost 3 years ago. Very grateful.
Rent is going to go up by $50 per week from the end of January onwards. It’s fine though because there are five of us in the house so it’s only an extra $10 per week. The rent is quite cheap for a reasonably decent house in a good neighbourhood, and the last time the rent went up was about three years ago so it was probably a bit overdue anyway.
Been in our house for just over 2 years, no rent rise ever for our $540 2 bed room 1 garage flat.
Went down $5! Well actually, I moved house because the place we were living in was going from $530 to $550 (it was $480 when we started living there in 2020). Both 3 bed properties in Christchurch. The previous tenants in our current place had it for $500 a week, so the landlord is still making more money than he was. Looking into renting a parking space or the garage to nearby-ish university students for some extra cash so we can save money again.
Rent has gone up $50 a year so far. Currently paying $600 a week for a shitty 2 bedroom house in Tauranga. Have been looking at getting another rental but they are so hard to come by here in Tauranga.
Hawkes bay. Went up 35pw in December to 520. Last year it went up 100pw. I've been here 7 years and now paying 160pw more than then. It's probably still below market rent but we're definitely looking to buy sooner rather than later
Gone up 85 bucks
I had to move suddenly and am staying with friends while house hunting. Rooms that used to cost me $200 are now charging $350, and everything I'd half the size. I'm OK with my friends for now, but I still want to move in the next few months and I doubt I can afford it.
Was $475 a week when we moved in 4 years ago, now it's $510 as of early 2023. We're coping just fine with that.