July 10th 2018
The Practice of Rent Bidding.
Rent bidding,a practice common in cities where housing is difficult to secure,is based on the landlord or property manager asking prospective tenants what price that they would be prepared to pay for the property.The winner is the one who can pay the most after outbidding all the other tenants,there are few if any checks done to check that the tenant is a good risk, just a good payer of the inflated rent being asked.
It is just an unacceptable business practice which has taken root in New Zealand,mostly in larger metropolitan cities.
The practice of rent bidding disadvantages average income tenants,there is nothing fair about this business practice,just a case of who has the fattest wallet.It is yet another indication just how far we have changed from once being a fair and caring society,to one where greed is acceptable.
Housing Minister Phil Twyford has said that a review of tenancy laws is underway,and they would consider what can be done about the practice of rent bidding.
The rental market has changed in New Zealand with renting now the norm for increasing numbers of New Zealanders.Rental laws have to reflect the changing rental landscape that is New Zealand today.
