Property management glossary
Working with a property manager
Property management
Property management is the service of running a rental for an owner: letting, rent, repairs and reporting.
Property management agreement
A property management agreement sets out the services, fees, spending limits and notice for both parties.
Managing authority
Managing authority is the limit an owner sets on what a property manager can approve without asking first.
Rental appraisal
A rental appraisal is an informed estimate of the weekly rent your property should achieve in today's market.
Market rent
Market rent is what similar homes nearby actually rent for. MBIE publishes market rent data from lodged bonds.
Owner statement
An owner statement is a regular summary of rent received, fees, maintenance costs and money paid out.
Trust account
A trust account holds owner and tenant money separately, and must never be mixed with an agency's own funds.
Property management fees and money
Management fee
A management fee is the ongoing charge for managing a tenancy, usually a percentage of the rent collected.
Letting fee
A letting fee is a one-off owner charge for placing a new tenant. Tenants cannot be charged a letting fee.
Rent collection
Rent collection covers taking rent, keeping records, following up arrears and reporting to the property owner.
Rent records
Rent records show rent paid and rent owing. Landlords must keep them and provide them to tenants on request.
Rent in advance
Rent in advance is capped: a landlord cannot require more than two weeks' rent in advance at any one time.
Key money
Key money is any extra payment demanded to grant or continue a tenancy. Charging key money is unlawful in NZ.
Rent increase
A rent increase can happen once every 12 months at most, and needs at least 60 days' written notice.
Rent arrears
Rent arrears is rent unpaid by its due date. At 21 days behind, a landlord can apply to the Tenancy Tribunal.
Notice of overdue rent
A notice of overdue rent is the formal notice used once rent is at least five working days late under the RTA.
Property expenses
Property expenses are owner costs such as council rates, insurance, body corporate levies and repairs.
Tenancy agreements and tenancy types
Tenancy agreement
A tenancy agreement is the written contract recording rent, bond, tenancy type and responsibilities.
Fixed-term tenancy
A fixed-term tenancy has an end date, and becomes periodic unless notice is given 90 to 21 days before it.
Periodic tenancy
A periodic tenancy has no end date and continues until the landlord or the tenant gives the required notice.
Boarding house tenancy
A boarding house tenancy is one in a building housing six or more tenants on separate tenancy agreements.
Service tenancy
A service tenancy comes with a job, and generally ends when that employment ends under the RTA.
Address for service
An address for service is where each party formally receives notices. An email address can also be used.
Assignment
Assignment is transferring a tenancy to a new tenant, and a landlord cannot unreasonably refuse consent.
Subletting
Subletting is a tenant renting out the home, or part of it, to someone else with the landlord's consent.
Minor changes
Minor changes are small reversible changes a tenant can request. Landlords must reply within 21 days.
Tenant selection and screening
Tenant screening
Tenant screening assesses applicants fairly on ID, references, history and their ability to pay the rent.
Pre-tenancy application
A pre-tenancy application is the applicant form. Only information that is genuinely needed may be collected.
Discrimination
Discrimination in renting, on grounds such as race, age or family status, is unlawful in New Zealand.
Bond, pet bond and pets
Bond
A bond is a deposit of up to four weeks' rent, lodged with Tenancy Services and held for the tenancy.
Bond lodgement
Bond lodgement must be completed online with Tenancy Services within 23 working days of receiving it.
Bond hub
Bond Hub is the Tenancy Services online system landlords use to lodge, top up and refund tenancy bonds.
Bond top-up
A bond top-up lifts the lodged bond after a rent increase, and applies to general and pet bonds alike.
Bond refund
A bond refund returns the bond when a tenancy ends, by agreement between the parties or by Tribunal order.
Pet consent
Pet consent is written permission to keep a pet, refusable only on reasonable grounds, with a 21-day reply.
Pet bond
A pet bond is an extra bond of up to two weeks' rent, allowed since 1 December 2025 where a pet is approved.
Pet damage
Pet damage is fully the tenant's cost beyond fair wear and tear, without the usual careless damage cap.
Inspections, maintenance and damage
Ingoing inspection
An ingoing inspection is a photographic condition report recording the home's condition before move-in.
Routine inspection
A routine inspection is a planned check during a tenancy, needing 48 hours' notice, monthly at most.
Final inspection
A final inspection is the move-out check, compared with the ingoing report before the bond is settled.
Chattels
Chattels are the items included with a rental, such as appliances, curtains, blinds and light fittings.
Maintenance request
A maintenance request is a repair reported by a tenant. Access to do the work needs 24 hours' notice.
Fair wear and tear
Fair wear and tear is the gradual ageing expected from normal use, which tenants are not liable for.
Careless damage
Careless damage by a tenant is capped at four weeks' rent or the landlord's insurance excess, if lower.
Quiet enjoyment
Quiet enjoyment is a tenant's right to peace and privacy, so notice is needed before entering a home.
Healthy homes and rental compliance
RTA
The RTA is the Residential Tenancies Act 1986, New Zealand's main law for residential rental homes.
Healthy homes standards
The Healthy Homes Standards set minimums for heating, insulation, ventilation, moisture and draughts.
Healthy homes compliance statement
A healthy homes compliance statement records the home's compliance and is required with new agreements.
Healthy homes exemption
A healthy homes exemption is a limited exclusion from the standards, which must be recorded in writing.
Smoke alarms
Smoke alarms are the landlord's responsibility, required near every bedroom and on every level of a home.
Insurance statement
An insurance statement tells a new tenant whether the property is insured and what excess would apply.
Landlord insurance
Landlord insurance covers the property and often lost rental income. Policy terms vary, so check them.
Meth contamination
Meth contamination rules set when a rental must be tested, decontaminated, or treated as unfit to live in.
Asbestos
Asbestos risk must be managed by the owner before any work at a rental that could disturb the material.
Pool fencing
Pool fencing rules require compliant barriers around pools and spas, with council checks every 3 years.
Ending a tenancy and disputes
14-day notice to remedy
A 14-day notice to remedy asks the other party to fix a breach of the agreement or the law in 14 days.
Notice of anti-social behaviour
A notice of anti-social behaviour records harassment or serious disturbance caused by a tenant at a rental.
90-day notice
A 90-day notice lets a landlord end a periodic tenancy without giving a reason, if it is not retaliatory.
42-day notice
A 42-day notice applies where the owner, family, a buyer with vacant possession, or staff need the home.
21-day notice
A 21-day notice is the written notice a tenant gives their landlord to end a periodic tenancy in NZ.
Retaliatory notice
A retaliatory notice is given because a tenant used a legal right, and the Tribunal can cancel it.
Abandoned goods
Abandoned goods are belongings left after a tenancy ends, with strict rules for storage and disposal.
Self-resolution
Self-resolution is sorting a tenancy problem out directly and in writing before any formal step is taken.
FastTrack resolution
FastTrack Resolution is a quick Tenancy Services process for disputes where both sides agree on the facts.
Mediation
Mediation is a free Tenancy Services session, and an agreement reached there can be sealed and binding.
Tenancy Tribunal
The Tenancy Tribunal is the specialist court for rent, bond, damage, repair and termination disputes.
Work order
A work order is a Tribunal order requiring a landlord or tenant to do specific work within a set time.
Exemplary damages
Exemplary damages are a penalty the Tenancy Tribunal can award against a party for an unlawful act.
Compliance and Investigations
The Compliance and Investigations team at Tenancy Services investigates serious landlord breaches.
REINZ membership and professional standards
Property manager regulation
Property manager regulation is proposed but not yet law, so property management remains unregulated.
REINZ property management member
A REINZ property management member is an agency or manager that follows the REINZ Code of Practice.
REINZ Code of Practice
The REINZ Code of Practice sets standards for conduct, communication, handling money and management.
REINZ accreditation
REINZ accreditation requires a qualification, annual training, insurance and trust account review.
Professional indemnity insurance
Professional indemnity insurance covers claims about a professional mistake in the service provided.
Public liability insurance
Public liability insurance covers injury or property damage claims arising from management services.