Declining supply in rental property
Conor O’Brien | Friday October 14, 2011 |
The number of rental properties available across the nation has fallen, driven by large decreases in the main centres.
Data released by Trade Me Property shows that its national average is down 7% on last year as Auckland (-13%), Christchurch (-27%) and Wellington (-30%) all had declines in the number of available rental properties.
The number of listed property sales has increased 14% on last year’s numbers and the head of Trade Me Property, Brendon Skipper, says that it is early days but it is the start of a possible trend that is a possible cause for the decrease in rental properties.
All three areas have, however, had increases in enquiries via the website.
Christchurch had the largest increase with displaced residents looking for new homes.
A recent decision by CERA to allow an exemption to an airport noise contour in Kaiapoi may open up opportunities for developers to relieve some of the pressure on the cities rental supply.