Cash bonuses, grocery vouchers and free power are just some of the lengths landlords are going to to avoid lowering the rent.
Wellington renters have gotten pretty used to blasé landlords, damp houses, and using a 20-year-old TV left behind three tenants ago as a heater. This century’s version of love letters is sending landlords embarrassingly cheesy cover letters. And if renters’ Canva-designed declarations of love are approved, they must be willing to drop everything at a moment’s notice and abide by the landlord’s beck and call.
But as Freaky Friday 2 plays in cinemas, the renters’ market is experiencing its own switch-up. With not enough tenants to go around, landlords and property agencies are left courting people with flashy incentives. Renters now have more leverage than they think, and the bargaining power lies in their hands.
Manager of Manage My Rental, Fraser Wilkinson, pins the change in the market on low migration arrivals and high unemployment rates. On top of that, homeowners who optimistically bought at the peak of the market are now pitching rent prices too high, particularly for more dated homes.
Manage My Rental is just one of the big property agencies using incentives to adjust to market conditions. At least, “when we have to”, Wilkinson says. For some properties, they’ll give away grocery vouchers as high as $500 – that’s a lot of blocks of butter. “We certainly advocate for it because you’re better off spending money to make money,” he says.
But despite flashy incentives taking over Trade Me, many flats still go unfilled for weeks or months. Perhaps lowering the price of rent annually by the same value as the “free money” or “free rent” would be a better tactic. Up front, the incentives can look exciting, but a rent reduction that could save you $20 every week could satisfy the need for stability that renters look for.
$1,000 cash if you sign a 12-month lease
“Sign a 12-month fixed term lease and receive $1,000 in cash!!!”
It sounds too good to be true, but this is what Positive Asset Management is offering on a one-bedroom centre city apartment. Tucked away from Taranaki Street in Martin Square, it’s the perfect spot to hide your black briefcase of cash. Inside is an open plan living and dining area, large windows, and a modern kitchen. Upstairs, the bedroom has a built-in wardrobe – another great spot to hide your cash.
The orange front door and concrete walls are reminiscent of my first Sims home. But the marble wall in the bathroom is a nice (and somewhat mismatched) touch. And having an outdoor courtyard in Wellington City feels like a golden ticket.
$400 grocery voucher AND your first week free
A deal that totals $1,000 in value is on offer for a four-bedroom two-bathroom apartment on Wakefield Street. At $700 a week, you and your friends can split the cost and fight over who gets the rooms with no windows, and who gets the rooms with windows pointing into the lounge.
“This property combines spacious living areas with the convenience of city-central location, making it an exceptional rental opportunity in Wellington,” the listing says. And don’t let the wonky photos throw you off, you’ll soon feel horizontal again with free money to help you settle in. It’s always reassuring when property agencies need to leave the lights on to take photos of a place during the day.
Free power, centralised heating and internet for six months
Say goodbye to warming your feet with your hairdryer this winter at One Three Five apartments on Victoria Street. One of the first build-to-rent companies in Aotearoa, they’ve been moving Wellingtonians into brand new apartments since February.
With 108 apartments, property administrator Isla Adams says there are a lot of rooms to fill – about 40 two-bedrooms left specifically. Since May, tenants have been offered free internet, centralised heating, and power for the first six months of their lease. And after, it’s a fixed rate of $57 a week for all three.
Rent’s not cheap though. The two-bedroom apartments range from $825-$1,055 per week. If you can pay a thousand bucks a week in rent, you probably don’t need to worry about the cost of internet. Maybe it’s just the Architecture Digest type promo photos, but this place looks worth it. Adams says, “Our apartments truly do speak for themselves, they’re on a different level to what you get in Wellington.”
“The six-months deal is the icing on the cake to get people in.” The company undertook the Homestar assessment, an optional evaluation of a home’s health, and scored a level seven. Show-offs. This rating shows better thermal comfort. They offer options for furnished and unfurnished, 12-month to 10-year leases, and are pet friendly.
$1,690 worth of free rent
Taylor Property Plus throws the term “free rent” around so much in their listings, I wonder if their tenants ever pay at all. This four-bedroom Mount Cook apartment is $845 per week, which you could get free for two weeks.
With a blue exterior, hardwood floors, and a generous floor plan, it looks like a great family home. The private patio would be a toddler’s dream, or a 21-year-old stoner’s.
The listing takes on Hannah Montana’s slogan, calling the home “the best of both worlds”. Situated on the Mount Cook-Newtown cusp, you’d better keep your blonde and brunette wigs handy every time you want to switch suburbs. Luckily, the master bedroom has an ensuite for all your wig fixing needs.
$1,000 worth of free rent
For $500 per week – and the first two weeks free – you could take an inner-city one-bedroom apartment. It’s on the 11th floor, so just pray the elevator doesn’t break.
This modern Dixon Street apartment is perfect for a couple wanting to impress their yo-pro friends. The listing invites you to “Enjoy the best of inner-city living in this smart, low-maintenance one-bedroom apartment”. And with one closet in the bedroom, this place is definitely for that “low maintenance” minimalist couple.
The smell of every Welly cafe rising up the floors should distract from the concrete walls and black beams. Just make sure to get a bed frame with a headboard so you don’t knock your head in the middle of the night.
