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Tenants still have the upper hand in the rental market, and real estate agents are urging clients to inject their properties with the wow factor, or drop the rent if they want to fill them quickly.
Andrew King, vice-president of the New Zealand Property Investors’ Federation, says it’s common to experience a flood of rental listings during the slump phase of the property cycle.
“In a slow market, tenants have a high degree of choice and often face nervous landlords who may be willing to reduce rents just to secure a tenant,” he says. (more…)