Quick Look at New Zealand’s Rental Market
Good news for tenants: there are more rental properties available now than in almost 10 years (for an April month). New listings were up a lot compared to last year.
Because there are more properties, rent prices are generally a bit lower across the country. For example, rents decreased in Auckland and Wellington, and the national average is down a little each week. This means tenants can save some money.
Why is supply up? A few reasons:
- Some properties that used to be holiday rentals are now being offered for longer periods.
- High living costs mean some young people are staying with family or moving overseas.
- It’s harder to sell properties quickly right now, so owners are renting them out instead.
However, in the Central Otago and Lakes area, rents are still going up, showing it’s a very popular place.
Even with market changes, good quality homes that are warm, dry, and in convenient locations (near schools, transport) are always in high demand from tenants.
Source from RNZ.co.nz: https://www.rnz.co.nz/news/business/560504/more-good-news-for-tenantsThe opinions and research contained in this article are provided for information purposes only, are intended to be general in nature, and do not take into account your financial situation or goals.
The opinions and research contained in this article are provided for information purposes only, are intended to be general in nature, and do not take into account your financial situation or goals.
