New Zealand Property Investors' Federation

The NZPIF is the umbrella body for 20 local Property Investors' Associations throughout New Zealand.

(027) 357 9243

www@nzpif.org.nz

 

The NZ Property Investors Federation (NZPIF) organised a series of surveys to learn how COVID 19 was affecting landlords. Although these have now finished, here are some of the findings. Also, contact Sharon Cullwick, NZPIF Executive Officer, if you have a story to tell of the effects on you and your properties.  She can be contacted at sharon.cullwich@nzpif.org.nz..

There were 621 respondents in the first survey. Between them, these respondents manage 6,056 rental properties. Here are some of the findings.

"The results of this survey after the first week of the Covid-19 lock down disprove the assumption that anyone who owns a rental property is rich and tenants should be allowed to stop paying their rent", says Sharon Cullwick, NZPIF Executive Officer.

The survey shows that Government initiatives, through income supplements and fast-tracking welfare assistance, have helped to keep tenants in their homes.

The majority of tenancies, 81%, have not experienced any change. However, 6% of tenants have left their rental property and a further 2% have stopped paying rent.

Landlords have reduced the rent for 5% of their tenancies and deferred rental payments for a further 1.5%.

For landlords who have lowered the rent, the average reduction was 43% or $210 per week.

For the 166 landlords who have lost rental income, the average amount lost after only one week in lockdown is $1,059.

Regarding the personal incomes of these landlords, 41% have not been affected by the lockdown position. However, 59% have lost all or some of their regular income from jobs, contracts or business.

Of those that have had their income affected, 47% have had some loss of income, 33% have lost all their income but have received some government assistance, and 21% have lost all their income and have not received any assistance.

Rental property providers are ordinary New Zealanders who are sharing in the loss of income like other sectors of society. Many will be part of the front-line staff serving our communities so well through this crisis.

We are all in this together. Landlords are doing what we can. As mentioned above, the surveys have finished but as we are keen to know the ongoing effect of the Covid-19 regulations on the rental market, contact Sharon Cullwick, NZPIF Executive Officer, if you have a story to tell of the effects on you and your properties.  She can be contacted at sharon.cullwich@nzpif.org.nz..