With rising house prices, landlords have to keep pace & keep their investment yields steady by raising their rents. Tenants just have to deal with it.
• Trade Me data shows median weekly rent outside Auckland, Wellington & Christchurch is now $370, up 20% from $310/week in 2014.
• Over the same period, the asking price of properties for sale increased 29%, while Auckland property’s price has raised to 72% or $386k since 2012.
• Bay of Plenty tenants have to deal with steep rent increases, now renting $440 a week, the third-highest figure in NZ, behind Auckland & Wellington.
• Over the past 3 years, Bay of Plenty rents have increased 40%, while Northland experienced strong growth, up 10.1% year-on-year.
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