| 125 T T Sue Russell The rental experts Lodge City Rentals general manager Jason Waugh: “the industry is continually evolving...” PROPERTY Lodge City Rentals Jason Waugh, General Manager of Lodge City Rentals in Hamilton understands all the nuances, shifts and tensions that play out in the rental sector. It’s a space he and his team thrive in. “Most of my head space is in the future. The day to day challenges come about and you have to face them when they do appear,” Jason says philosophically. The biggest challenges the last 18 months has brought has been a tightening of the market; the low number of houses he’s currently able to offer and ever-growing list of rental clients, some in quite desperate need of accessing good quality, secure tenancies. “All of 2023 was very very short. Low numbers that I have never seen in my 23 year career. To be frank I don’t really see any light at the end of the tunnel, though I think now with the election behind us, we’re going to see some increase in rental stock begin to come on to the market.” He says the issues impacting rental availability in the market stem from three core factors. On the supply side the pool of traditional invester buyers are sitting on the fence right now, as capital values have come back somewhat while interest on loans remains high. Then there’s the shortening on the development side of the market drive in part by the Hamilton City Council putting a pause on infill housing development given challenges this presents regarding three-waters infrastructure. While this is happening, Hamilton itself is still growing and the University is rebounding after reduction in international student numbers given COVID. “I don’t see the supply side of things changing much in the next 12 months. It seems to me there is a bit of a drive toward social housing. Social housing is a good thing but you only have a certain number of people that build that infrastructure.” Selecting tenants for home-owner clients is a challenging matter, with quite often many very good applicants interested in the same home. Selecting tenants is taken very seriously by the team at Lodge City Rentals. “A lot of people are verging on the side of desperation. Even though our portfolio is growing, the number of empty and available properties is reducing.” Lodge City Rentals has two offices, one in northern end of Hamilton’s CBD, the other in Hamilton East, over the river. Jason says, as a professional in the sector, he welcomes regulations coming into force through the enactment of legislation, meaning rental managers will have to be licensed. He sees this as an essential element to tidying up and getting rid of poor performers, who let home owners and tenants down. “There’s no place for these operators, who I think, have little interest or integrity in providing their clients and tenants with professional service.” Choosing the wrong tenant comes with enormous risk and cost to a home-owner. “You make a wrong decision and the cost of our management fee is wiped out straight away. We’re responsible for people’s biggest assets often so we take our role very seriously to ensure risks are minimalised, if not eliminated.” Regulating the market, Jason reflects, is a win-win for both owner and tenant and can’t come soon enough. Jason says the culture at Lodge City Rentals is colleagial and very supportive. The company offers a cadetship programme for new people into rental management. “It works very well because they are doing all elements of what the work entails but don’t initially carry the responsibility. “Through this training period they are mentored. The support doesn’t stop there either because the industry is continually evolving so everyone is kept up to speed on factors impacting the market.” He’s also pleased to see that it has become a lot more of a professional industry, governing how managers look and act. Staff are put through the NZ Certificate in Property Management presented by SkillsNZ. When the industry does become regulated, Jason hopes to see the certificate accepted as the entry level qualification. While based in Hamilton, Lodge City Rentals looks after rental properties in Te Awamutu, Cambridge as well as South Auckland. “We’re responsible for people’s biggest assets often so we take our role very seriously to ensure risks are minimalised, if not eliminated.” gfowke@ecoinsulation.co.nz 022 183 2767 www.ecoinsulation.co.nz waikato World-class Insulation solutions for NZ homes & buildings. Family Homes • Rentals • Commercial • New Builds Contact Gary Fowke 07 847 6020 • Repairs and maintenance • Blocked drains • Renovations • Gutter cleaning • Roofing repairs • Alterations and designs • Gas repairs and maintenance • Hot Water Cylinders installation and design See our Extensive Range of Plumbing Services in Hamilton 027 271 3831 | greg@plumbit.co.nz RESIDENTIAL COMMERCIAL NZ REGISTERED FAST & EFFICIENT WORK GUARANTEED 021 912 673 office@menzieselectrical.co.nz www.menzieselectrical.co.nz YOUR ELECTRICAL AND HEALTHY HOMES EXPERTS
RkJQdWJsaXNoZXIy NDc2Mzg=