Christchurch property for rent has been in high demand since the earthquakes, but one year on the number of people looking for a rental property in Christchurch has reached new heights. In the last weeks this has fuelled bidding wars amongst hopeful tenants, with some applicants offering to exceed advertised rental prices by as much as $30 a week!
Not taking into consideration 1- or 2-bedroom properties, fully furnished rentals or those costing over $1,000 per week, there are probably only 150 to 200 Christchurch rental properties available, making the rental property market hugely competitive.
Homeowner Ruth Jellyman, who was looking into leasing a property herself, says: "It's become Auckland price in Christchurch and I'm not willing to pay for something when I don't think it's worth it." Ruth Jellyman was offered an additional $30 per week for her own Christchurch rental property, but declined because she didn't think it was ethical.
Other people, on the other hand, have bitten the bullet and opted to pay extra after property managers told them that other applicants had made higher offers.
Property managers across the board are dealing differently with the situation. Some play along in the bidding war; others don't facilitate it for ethical reasons.
At Bayleys Property Management we aim to shift this money focus. Lisa Iliffe says: "We believe in listing a rental property at the correct rental price at the time. We present all applications to the property owner and make recommendations based on a range of criteria, but ideally we are still about getting the 'best fit' tenant for the property."
Bayleys' team of property managers focus on the 'best fit' rather than short-term financial gain. Experience has shown that, while there might be temporary monetary benefits, compromising on the quality of tenants can easily result in higher expenses. Excessive wear and tear, unpaid rents, pet problems or people living beyond their means are all problems which could arise.
But what to do if you are looking for Christchurch property for rent? Here are a few tips from our specialist property managers:
Alternatively, you may want to consider buying a property. The increasing rental prices are bound to drive more people to buy, so if you get in early you'll get a head-start. Bayleys has lots of Christchurch homes in a range of budgets available.
Receive your complimentary market appraisal and find out what your property is worth to rent.