Tenants across the country may be in for cheaper living if this year's plummeting rents are any guide.
Monday, August 23rd 2004, 5:42AM
by The Landlord
Rents have fallen in more than half of Auckland's suburbs this year, with low-end central city apartment rentals dipping the most. In parts of Wellington, Nelson and Taupo, rents have also reduced, according to figures from the Real Estate Institute of New Zealand (REINZ).
Auckland property analysts say the balance of power is swinging from landlords to tenants in New Zealand's largest rental property market.
Don Harrington, owner of Mt Eden agents LJ Hooker, said several inner-city apartment buildings had been completed recently, creating an oversupply, while falling immigration had reduced demand for these apartments.
A three-bedroom house in Mt Eden might now fetch only $500 per week, down from $550 last year, said Harrington. "From our experience, rents over central Auckland have softened 10-20 per cent over the past two to three months."
