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A wake-up call for landlords, with property managers warning the market has changed.
Rentals are staying vacant for 1 to 2 months before being re-tenanted because of a lack of inquiries.
Residential Property Managers Association chairman David Pearse told Heather du Plessis-Allan there are multiple reasons why the market has turned - including a lack of overseas students.
“But we’ve got an oversupply of properties, new builds, and also added to that is that the market’s changed for property sales. So the owners are now looking to rent their properties. So there’s a whole lot more properties coming out of the market.”