Tenancy tenure vs turnover

Looking at our database of tenants over a eight year period, we ran the statistics to share some tenancy insights with you. We also put together some tips to help you increase your tenancy tenure.

Although 57% of the existing tenancies were taken up in 2018, 35% of our tenancies are from between 2015 and 2017 which indicates a steady sustained tenancy rate over this 3 year period.The remaining 7% can be  attributed to the period 2011 to 2014. 

• Off all tenancy leases taken up in 2018, the highest leases based on 3 bedroom properties were from Auckland Central.

• There is indication of a correlation between rental costs and tenure. For example, in areas such as Pakuranga/Howick, South Auckland and West Auckland where the price ranges between $503 and $516 p.w, the tenancy tenure is higher and steady over the years compared to Auckland Central where the tenancy costs are much higher at an average of $1,093.00 and the turnover is faster.

As a landlord, one of the most important things is having long term, reliable tenants. Once you've found trustworthy tenants, you'll want to make sure they're happy and that they stick around. Here’s a few tips  to help you reduce your tenancy turnover : 

Ongoing maintenance - It’s always a good idea to make sure your house is well maintained and that everything is up to scratch.Not only does on-going maintenance keep tenants on-side, it also helps landlords keep tabs on their investment, to make sure everything is working the way it should and even plan for future upgrades.

Renovations - If your investment needs some attention or a full makeover, then it may be a good idea to put a plan in place. Renovations or even basic upgrades could change the types of tenants you have and/or increase the rent. So, if you've been putting off that paint job, now maybe a good time to get it going.

Communication - It’s always important to respond to tenants requests or enquiries in a timely manner. This consistent level of service and communication helps raise your loyalty and improves or builds relationships.

Goodwill - Being friendly, helpful, and cooperative and having a good attitude can really help improve relationships with tenants and helps you establish a good reputation.

For more tips and advice contact your property manager.