Stephen Knight

And if we think about these multi-tenancy properties, one of the big questions you might wonder is, well, how many of these are really on the market?

Well, we jumped on realestate.co.nz.

Of the 45,000 properties that are online, only about 365 appear to be genuinely multi-income.

It's about 1% of the stock in total.

If you search multi-income on TradeMe, you get about 1,300 properties, just under 3% of the 49,000 listings on there.

So they're not massively common, but they do exist.

Now, if we think about the benefits of these, Andrew, and why some people buy them, what reasons do people typically give?

And just on the higher gross yield thing, if you think about renting a one bedroom apartment, for instance, that might cost you, if you're in Auckland, $550 a week, depending on how nice it is.

Now, if you want to rent a two bedroom apartment, that extra bedroom might only cost an extra

$100 a week, say, or it might only add $100 a week to the rent.

And so what we tend to see is that people are willing to pay a lot more rent, or you can charge a lot more rent for the first bedroom, right?

Because having the kitchen and the bathroom and the bedroom all together, that's what people will pay a lot of money for.

Each extra bedroom might not add lots and lots and lots more rent.

And so if you have the option of

We'll use the example of a dual-key apartment where you walk in the door and then there's usually two more doors.

Behind door number one might be a small studio apartment.

Behind door number two might be a one-bedroom apartment.

Now, collectively, they might just take up as much space as, say, a three-bedroom apartment.

But because it's split into two, two separate tenants, you get way more rent compared to if you just had a bigger living area and an extra bedroom because people will pay more for the first bedroom and everything that needs to come with it.

Now, one other question I really wanted to answer