Landlords Offer Stable Tenancies

Landlords offer stable tenancies

A survey of 816 rental property owners shows that 49% would like their tenants to stay in the property for a very long time as they have no intention of selling. Another 12.7% would like them to stay for at least the next 10 years after which they may start thinking about selling the property.

The results indicate that a majority of rental property owners can offer security of tenure for tenants who value this. The NZ Property Investors' Federation (NZPIF) advices prospective tenants, who would value a long term tenancy, to ask the owner if they have any plans to sell so they can identify the owners who want long term tenants.

The result also shows that a majority of rental property owners may be willing to enter into a more formal arrangement that further protects a tenant’s security.

After the election, the NZPIF would welcome discussions with all political parties and tenant groups. We would like to see if we can come up with a balanced solution that provides better security for those tenants that want it, without taking away the rights of the owner or disadvantaging them in the process.

"There is potentially an increasing number of tenants who want better security in their rental properties" says NZPIF Executive Officer, Andrew King "This survey result shows that a majority of landlords want this as well, so I'm sure there must be a solution that will meet everyone's needs."

Another survey result showed that 77% of respondents would be very or extremely concerned if the 90 day notice to end a tenancy without cause was removed.

Only 43% of rental property owner respondents had ever issued a 90 day notice, and of those, 64% had only issued one in the last five years.

At 33%, the main reason for issuing a 90 day notice to end a tenancy was because of tenants disturbing their neighbours. Landlords have an obligation under the Residential Tenancies Act to protect the peace, privacy and comfort of their neighbours. Other tenants and neighbours are often reluctant to put their concerns in writing, so owners do not have any evidence to present to the Tenancy Tribunal to end the tenancy. A 90 day notice without cause is often the only tool they have to comply with this obligation.

"The survey shows that rental property owners do not use 90 day notices very often and usually it is to protect other tenants and neighbours from the antisocial behaviour of their tenants." says King. "Removing the use of 90 day notices, as Labour is proposing, would protect tenants displaying antisocial behaviour at the expense of others".

The survey report can be found here https://www.nzpif.org.nz/news/view/58840

ENDS

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