10 July 2012
A shortage in Christchurch property has resulted in the rental market soaring considerably ahead of most of the country with rent sky-rocketing 26% in the last year.
Trade Me Property’s analysis for the June to April quarter showed that although demand (inquiries from potential tenants) was up 47% on the same time last year, rental listings were down 34% from the same period.
In particular, the suburbs of Central City, Linwood and St Albans are considered those with a large shortage in properties available for rent and a huge volume of demand when properties are listed.
The 42% increase in inquiries from the last quarter is welcome news for landlords with rent having risen 26 per cent in the last year as a result. This news is also encouraging for overseas investors looking to capitalise on the rental housing shortage in some of New Zealand’s main centres.