Frustrations caused by consistent delays at the Tenancy Tribunal have driven property owners to give up on tenanting.
Property Investors Federation president Andrew King told NBR NZPI owners were now getting fed up after delays cost them thousands of dollars.
“Rentals are not a great cashflow business, which is having a serious effect on people – there’s that feeling of being ripped off.
“A lot of people sell their rental properties after dealing with the tribunal because they feel disillusioned. It seriously isn’t good for anybody.”
Mr King said this might affect the supply of rental properties and push up prices.
Mr King said delays had been going on for about a year and he was calling on interested parties,including the government, to meet to discuss the issue. Promised improvements didn’t seem to happen.
The Ministry of Business, Innovation and Employment says that last month the national average waiting time for the tenancy tribunal was more than four weeks.
For November 2012, the average waiting time for a tribunal hearing was 24.8 business days in Auckland courts, 23.9 business days in Wellington courts, 16.2 in Christchurch court and 15.4 for the Dunedin court.
Mr King says the waiting times are too long and his organisation is conducting its own research into waiting times for the tribunal.
“We’re not entirely convinced the government statistics are correct.
“We think there are ways they can manipulate them, either by putting things on hold or going back for information which stops the clock on their statistics.”
Mr King expects to release the results of his research in the new year.
This article is tagged with the following keywords. Find out more about MyNBR Tags
- Equity crowdfunding site folds in market shake-up
- New Crimson capital values founder Jamie Beaton's stake at $73m
- Goldman Sachs details trading with ‘Ming’
- MARKET CLOSE: NZ shares rise in global rally, index led by Orion Health, Fisher & Paykel
- SecureCom buys Atmospheric, the Microsoft NZ Partner of the Year gone bust
Most listened to
- Taryn Hamilton on why you need 1 gig UFB
- ASB economist Daniel Snowden: Businesses only see the kiwi dollar dropping by 4% in 12 months
- ‘If you want to go around telling people how they should think, don’t do it with taxpayer money’ – David Seymour on Susan Devoy
- Craigs' Grant Swanepoel on how he expects Z to reconfigure the Z and Caltex brands
- Cameron Officer details the latest motoring news