Tenants winning in slow rental market

Tenants winning in slow rental market

Tenants are benefiting from a very lacklustre rental market while those looking to break into the property market watch prices continue to rise. Median weekly rents rose just $10 across New Zealand in July to $440, according to the latest Trade Me Property Rental Index.

Head of Trade Me Property Nigel Jeffries said it was a ‘very modest’ 4.8 per cent increase on a year ago. “In Auckland this growth has been even lower, at just 3 per cent. Rents in the Super City have risen just $15 in the last year to $510 a week and didn’t budge between June and July.

He said there was “a stark contrast” between the residential for sale market and the state of the rental market. “Over the past two years we’ve seen the national average asking price across leap more than $100,000, while the median rent has gone up just $45 from $395 to $440 per week. In Auckland, it is even more pronounced with average asking prices up more than $200,000 since July 2014, alongside median rent that has only ticked up just $50 per week over the same period.”

The full report is available here

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