Wellington’s rental squeeze is showing no sign of abating as hordes of would-be tenants swarm on a three-bedroom flat being listed for 3 days.
• Richard Horne, director of managemyproperty, which is letting the three-bedroom plus sleepout flat, said the scene resembled a “street party”, but he added it’s nothing new in the current market.
• The high number of people at the viewing is expected in the city after its revelation on Tuesday that the city is unable to build houses quickly enough to keep pace with its population growth.
• Wellington is currently 3590 dwellings short of what it needs, resulting to multiple tenants packing into rooms and a rise in homelessness.
• Horne said rents had been static in Wellington for about 4 years, and the current rental drought was probably just a peak in the property cycle, last seen in around 2005.
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