Though rents are falling in Christchurch, it remains a tenants’ market, bucking a national trend for rising rents.
• Trade Me says median weekly rent fell 5% to $399, while govt. bond data puts it at $371, down from a high of $431 2 years ago.
• However, Real Estate Institute reports house prices rose 3.6% in the city to a median $455,710.
• Jeffries says rental market “remained stagnant for over a year & a half after it rebounded off the back of the earthquake rebuild”.
• Within Christchurch, asking rents were a median $600 for large houses, $449 for medium-sized homes, $250 for small houses, $415 for townhouses, $350 for apartments, & $312 for units.
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