The Rental Tsunami Has Arrived

I have predicted this looming crisis so often  that not much comment is needed now

Rising rents, homelessness, and overcrowding will become a scandal and my prediction that rents will double is coming true even more quickly than even I anticipated.

Renters in race for space in inner city
By James Ihaka
Tuesday Jan 31, 2012

Renters are scrambling for properties in a housing shortage that has deepened in central Auckland and is now rippling out to the suburbs.

Some areas have seen rents rise by up to 28 per cent and more increases are on their way as the first tax bills disallowing depreciation claims hit property owners from April.

Letting agent Lesley Wills, of Ray White, held a viewing at a Mt Eden house at the weekend and got 10 groups hungry to get a lease.

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