Who wants inexpensive housing? As immigration to NZ increases and property costs rise, there is an ever-growing need for more affordable rental properties.
image: www.freeimages.co.uk
Accommodation needs vary, depending on a person’s family status and financial position, so this is where room by room housing can provide one excellent solution to the housing demand.
Different strokes for different folks!
“What exactly is room-by-room housing?” you may well ask. It is a house that provides lockable bedrooms with common areas; living room, kitchen/dining and bathroom. The landlord provides the whiteware, TV, WiFi and electricity. It is economical living and vastly superior to living in unsatisfactory conditions, or the alternative of living beyond your means.
image by vecteezy.com
It’s not necessary to purpose-build for room-by-room rentals. An investor can make use of an existing property, simply by making some simple alterations to a standard house. Without going to great expense, an increased number of bedrooms can be provided, whilst still supplying a shared living area. This can result in up to 30% greater rental returns for the landlord than a standard rental home, thereby providing improved cash flow. It's important the bedrooms are not small as this is the only personal, private space that an individual tenant, or couple, have in their shared house. The property's location is also a very important consideration.
An investor can make use of an existing property, simply by making some simple alterations to a standard house.
image by vecteezy.com
Naturally there are challenges in finding, vetting and placing people that are most likely to live together compatibly in shared accommodation, as well as the need for skill in managing resolution of disputes to ensure the longevity of satisfied tenants. That is where a property manager with expertise in this field, such as Dominion Property Management, is invaluable! We specialise in this type of rental accommodation and can provide just such a management solution for your rental investment, so that everyone benefits.
If you’re wanting a place to live, and think room rental living might be an option for you, take a look at some of the rental properties we have listed now on our website, ranging from a large apartment in Wellington city, through to housing in Upper Hutt. And if you have any questions, give us a call, we’re happy to help!