Renters’ confidence at an all-time low
Two thirds of New Zealanders expect their rent bills to rise in the next six months and they “see no light at the end of the tunnel”.
Monday, March 26th 2007, 12:00AM
by The Landlord
Instead, one in three people predict that occupancy levels will tighten in the future, presumably pushing up rents even further.
The findings come from real estate company, Allrealestate’s, first quarter consumer confidence survey show.
“Many people who would once have been able to save enough to buy a property are now locked into the rental market. This is where the high house prices link to rising rents and a sense of supply shortage,” Allrealestate general manager Shaun Di Gregorio says
The survey also found:
- For just over half of all respondents it can take up to two months to find a rental property.
- On average 86.89% of respondents noted there are 1-5 people inspecting properties at open for inspections. However, one in ten have experienced between 6-10 other people wanting to inspect the property when they arrive.
- Two thirds of respondents (85.49%) submit up to 5 applications before they secured a rental property.
- 35.94% of respondents are searching for property in the $200-300 per week price range. 32.81% are seeking a rental in the slightly higher price bracket of $300-400 per week.
The national medium weekly rent rose from $270 to $280 in the past three months alone. That’s up 5.6 per cent from the same time last year.
“With the competition for rentals heating up, It’s not surprising that most people believe its going to get even tougher to afford the rent on their home,” he said.
To check out the latest rents in your area go to Landlords.co.nz Housing Statistics section
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