130 | PROPERTY Summit Property Management T T Bernadette Cooney Market improving for landlords, renters Summit Property Management manages more than 2000 homes from Picton to Motueka. Below, Summit Property Management general manager Stewart Henry. “They’re looking for long-term security of tenure, compliant homes that are warm and dry, respectful treatment and transparency around rent reviews and inspections.” The rental market across Nelson, Tasman, and Marlborough is becoming more favourable for landlords, with steady demand and policy change breathing fresh confidence into the investment market. At the same time, tenant expectations are rising and that means adapting to meet higher standards of property quality, communication and connectivity. Summit Property Management, a sister company to Summit Real Estate, has been providing quality, results-focused property management across the Top of the South for 33 years. Summit Property Management general manager Stewart Henry says tenant expectations have increased in recent years. “Tenants literally want more than just a roof over their heads,” he says. “They’re looking for long-term security of tenure, compliant homes that are warm and dry, respectful treatment and transparency around rent reviews and inspections.” Connectivity is also non-negotiable. “Fast broadband and reliable mobile coverage are now essential. With more people working remotely, if a property doesn’t have good connectivity, it’s less attractive,” Stewart says. After several challenging years, landlords are starting to see better conditions. Interest deductibility has been reinstated, and borrowing costs have eased, improving the financial case for investment. The return of the 90-day no-fault termination of leases is also a welcome move. “Being a landlord is more attractive now than it was a few years ago,” says Stewart. “That change has brought more investors back into the market.” But supply gaps remain, particularly for affordable single-person dwellings. He says studio flats and compact units are consistently in demand, yet remain under-built across the region. Summit Property Management manages more than 2000 homes from Picton to Motueka. While demand still outweighs supply in many areas, there has been a seasonal easing. “This winter we’ve seen more stock available, and rents have flattened out. We’re not facing the same vacancy issues as Auckland or Wellington, but properties need to present well and be competitively priced to rent quickly.” That competition is more pronounced in certain areas. Motueka and Tasman hotspots, including Mapua and Brightwater, have seen an increase in median rents on the back of an undersupply, particularly three-bedroom family homes. “Motueka and Tasman properties get rented fairly quickly, and there’s been a lot of growth in business and housing out in Richmond.” Another driver of change has been increased compliance. Healthy Homes legislation has meant properties are meeting higher standards for insulation, ventilation, and heating. “Leading up to the start of July, there has been a flurry of improvements to a number of properties, including vapour barriers, insulation and extractor fans. Your One-Stop Plumbing and Gas Shop Proudly Supporting Summit Property Management GAS Certified gas fitting, from appliance installs to servicing and repairs, done with safety and care. PLUMBING Expert repairs, maintenance, and new installations to keep your home or business running smoothly. Drainage & Wastewater Professional drainage, stormwater, and wastewater services to protect your property. Hot Water & Heating Reliable hot water systems and modern heating solutions tailored to your lifestyle. Emergency 24/7 rapid response for plumbing and gas emergencies when you need it most. Water Quality High-quality filtration and rainwater systems for safe, clean, and healthy water. Contact Us (03) 545 7339 admin@enrichedplumbing.co.nz www.enrichedplumbing.co.nz
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