Residential rents continue to weaken with the national median rent for properties advertised on Trade Me Property declining 0.8% in April, on top of a 0.8% drop in March.
The national median asking rent on Trade Me Property was $560 a week in April, down 3.1% compared to April last year, a reduction of about $20 a week.
The biggest declines in April compared to March were in Otago -4.8%, Bay of Plenty -2.9%, and Auckland -1.5%.
Going against the trend there were substantial monthly increases in Hawke's Bay of 6.3% and Gisborne 4.6%. See the chart below for the full regional figures.
Trade Me Property said the number of properties advertised for rent on the website declined 2% in April compared to March, but the numbers remained high.
"The current supply remains up 27% on the same time last year and is helping to keep a downward pressure on rental prices, offering renters more options and leverage to negotiate," Trade Me Property Spokesperson Casey Wylde said.
13 Comments
Fantastic to see more real evidence Landlords are loosing control.
Losing
Loose bowels...?
🤣😂
Fantastic to see more real evidence Landlords are loosing control.
That's one way to think about it
But if the population is supposedly net increasing
And the vacancy rates are higher than a few years back
Probably infers people are living more crammed up than ever
Probably infers people are living more crammed up than ever.
I agree and this is a well documented trend. When people are confronted with viable alternatives to the disproportionate cost attached to the provision of a "precious essential service" an element of repricing inevitably sets in. It's difficult to argue this as being a bad thing.
Or that lots of housing has been built
Or possibly, as many suggested over the years, there's more than enough dwellings it's their use and in particular underutilisation that is a problem. That empty dwelling that once was easy to maintain with a contracting economy becomes unsustainable.
Bad housing investments, over the last 5 years especially, not in any way supported by income.
Yet the income still falls, showing the absolute folly of these "bets".
Tenants should tell the hapless, ponzi chasing and driven Landlord, "take $100 off p/w, or I'm goneburger"
Still much more falls in both NZ rents and NZ housing prices to come. Mike Hosking is not impressed!!!
Haha.
Tenants should tell the hapless, ponzi chasing and driven Landlord, "take $100 off p/w, or I'm goneburger"
Consumers should boycott corporations
Workers should rise up and demand higher pay
But none of this really happens to an impactful degree
If these rent falls keep happening and the Nat budget forecast of 6% compounding house price growth then the yields will get worser and worser...
Council rates not looking great either
More future renters staying at home. More exiting west.
- Rents down & vacancies up.
- 33% of landlords struggling to find a good tenant
- House prices dipping again after the market had apparently entered a growth phase.
- Record listing overhang heading into winter
- Net migration dropping
- Inflation expectations & bond yields rising
Green shoots are available by prescription at the local clinic for property bulls experiencing withdrawals
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