Rents Bound Upwards

 

Mild winter heats up rents
By Alanah Eriksen 7th august 2013
Unseasonal price surge forces some families to share properties.

An unseasonably warm winter is being cited as the reason for a boom in the Auckland rental market that has pushed weekly prices for three-bedroom home up in 25 out of 30 suburbs.
Some families are so stretched they are looking at bigger houses to share with other families, accepting properties in poor condition or even considering moving out of town.
Renters in the city are paying up to $60 a week more than they were at the beginning of the year, according to figures from property management company Crockers.

Read the rest here:

http://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=10909186

 

As forecast by me 23 July 2013

Residential Rents: a Forecast
Rents have been largely stagnant for some years. This is due to several factors

(a) People emigrating to Australia, or elsewhere, leaving empty flats or houses behind.
(b) The huge number of dog-box multi-storey apartment blocks that were built which flooded the market.
(c) The large number of ‘wannabe’ investors who have been concentrating on the cheap rental end of the market and, as a consequence, have over-supplied that cheap rental market to a large extent.

Let me tell you, this is all going to change shortly. Here’s why:

Read the rest here:

http://www.ollynewland.co.nz/how-to-avoid-the-coming-lending-crunch-or-will-be-the-cure-worse-than-the-disease-column/4822/

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