Property management glossary
Bond
A security deposit (up to 4 weeks’ rent) held by Tenancy Services, refunded at the end if there’s no damage or money owed.
Bond lodgement
The legal requirement to send a tenant’s bond to Tenancy Services within 23 working days of receiving it.
Letting fee
A one-off charge for finding and placing a new tenant, covering advertising, viewings and screening.
Management fee
The ongoing fee a property manager charges, usually a percentage of the rent collected.
Rental appraisal
A professional estimate of the weekly rent your property could achieve in the current market.
Healthy Homes Standards
NZ rules setting minimums for heating, insulation, ventilation, moisture and draughts in rentals.
Tenancy agreement
The legal contract between landlord and tenant setting out rent, term and the rights of each party.
Fixed-term tenancy
A tenancy that runs for a set period and can’t be ended early without agreement or grounds.
Periodic tenancy
An open-ended tenancy that continues until either party gives the required written notice.
Tenancy Tribunal
The body that resolves disputes between landlords and tenants, from bond claims to rent arrears.
Routine inspection
A scheduled check of the property’s condition during a tenancy, usually every 3 to 4 months.
Ingoing inspection
A detailed condition report with photos, completed before a tenant moves in.
Arrears
Rent that is overdue. Managers monitor this daily and follow up immediately to keep it from building up.
Rent review
A periodic assessment of whether the rent is in line with the current market, no more than once every 12 months.
Notice period
The minimum written notice a landlord or tenant must give before ending or changing a tenancy.
Tenant screening
Checking an applicant’s credit, references, ID and Tribunal history before approving them.
Maintenance request
A repair or issue logged by a tenant, triaged and actioned by the property manager.
Outgoings
Ongoing property costs such as rates, insurance and body corporate fees, separate from the mortgage.
Net yield
Annual rental income minus expenses, as a percentage of the property’s value.
Chattels
Moveable items included in a tenancy, like an oven, curtains or heat pump, listed in the agreement.
RTA
The Residential Tenancies Act 1986, the law governing residential renting in New Zealand.
Breach notice
A formal written notice (often 14 days) requiring a tenant or landlord to fix a breach of the agreement.
RTA Amendment Act 2024
The 2024 reform of the Residential Tenancies Act, phased in through 2025, changing notice periods, reinstating ‘no cause’ terminations and adding pet rules.
90-day ‘no cause’ notice
Since 30 January 2025, a landlord can end a periodic tenancy with 90 days’ written notice without giving a reason.
42-day notice
A landlord’s shorter notice (from 30 January 2025) to end a periodic tenancy when the owner or family is moving in, or the property is sold with vacant possession.
21-day notice
Since 30 January 2025, the notice a tenant gives to end a periodic tenancy, reduced from 28 days.
Pet bond
From 1 December 2025, a landlord can require a pet bond of up to 2 weeks’ rent, on top of the standard bond, to cover pet-related damage.
Pet consent
From 1 December 2025, tenants need written landlord consent to keep a pet; a landlord may only refuse on reasonable grounds. Disability assist dogs are exempt.
Retaliatory termination
A notice given to punish a tenant for exercising their rights. Tenants can challenge it at the Tenancy Tribunal, with a wider window and grounds from 2025.
Online bond lodgement
Bonds are now lodged and paid online with Tenancy Services, with paper forms and signatures no longer required.
Healthy Homes deadline
All private rentals must comply with the Healthy Homes Standards by 1 July 2025.
No-smoking clause
Since 20 March 2025, a landlord can ban indoor smoking if the clause is written into the tenancy agreement.
Family violence withdrawal
Since 20 March 2025, a tenant who is a victim of family violence can end their tenancy with 2 days’ notice and supporting evidence.
REINZ
The Real Estate Institute of New Zealand, the national body that sets professional standards for real estate and property management.
REINZ member
A property manager or agency that has joined REINZ and agreed to work to its rules, standards and Code of Practice.
Professional indemnity insurance
Cover that protects clients if a professional mistake leads to financial loss, and a requirement many REINZ members hold.