Desperate Queenstown renters turn eye to empty houses
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Loading... - Groven Aksel
- 11 May 2023
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Amidst the ever-increasing rental crisis in Queenstown, people are turning to unconventional ways to secure a roof over their head. Due to the limited availability of rentals, many individuals are left with no choice but to live in cars, tents, hostels, or even couch surf. As a result, some people are now resorting to approaching real estate agents and asking if they can stay in vacant homes.
Keeley Anderson, the owner of Tall Poppy Queenstown, receives numerous calls daily from people either inquiring about available rentals or asking if they could stay in the empty properties she is selling. People are getting creative in their pursuit of housing and are resorting to checking out the listings on TradeMe and elsewhere. Spotting photographs of vacant houses, they are trying their luck and approaching agents like Anderson. She understands why they are doing so, especially when some people are living in tents or in emergency accommodation.
According to Anderson, rising interest rates, changes to tenancy laws, and the removal of interest deductibility are the primary reasons behind more "mum and dad" landlords deciding to sell. Additionally, some baby boomers are freeing up their retirement nest egg, further reducing the availability of rentals. The landlords who are still holding onto their properties are more reluctant to put tenants on longer fixed-term tenancies, as they require the flexibility of selling quickly if the finances stop adding up. Consequently, periodic tenancies that roll over on a month-to-month basis are becoming increasingly common, allowing sellers to list with vacant possession in the contract. Unfortunately, this creates less security for renters.
As a result, more home buyers are seeking accommodation in areas such as Cromwell and commuting to Queenstown for work. Furthermore, companies that are desperate for workers are purchasing properties to house them, highlighting how severe the situation has become.
