Editorial: State house damage
Bad tenants are a landlord's worst nightmare. Their penchant for vandalising property, sometimes just before absconding without paying the rent, has soured many an apparently sound rental accommodation investment. This is a source of woe not only for some individual investors but, increasingly, the country's biggest landlord, Housing New Zealand. New figures reveal that more than half of its 60,000 properties are being damaged by tenants each year. And that the cost of the damage - $18 million in the latest year - has risen by 68 per cent in the past year. And that, worst of all, of the $43 million worth of damage in the past three years, only $5 million was recovered from tenants.
The Landlord
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