House price crisis squeezes renters

Securing a rental property is becoming increasingly difficult as the housing crisis continues - taking prices up with it. Photo / File

Securing a rental property is becoming increasingly difficult as the housing crisis continues - taking prices up with it.

In Quotable Value's latest Property Report today, commentator David Maida highlights the high demand for rental properties in Auckland.

He also points out rents are rising faster than inflation.

"As the council pushes ahead with intensification of housing, renters have to move well out of the city or cram into housing with multiple flatmates," Mr Maida said.

"The situation with students is even more dire with some having to share rooms - and they could be the lucky ones because rental properties are so hard to get in to."

Chase Property Management director Sam Coutts pointed out the city looked to become, to some degree, unaffordable if wages did not mirror the growth in rent prices.

The report said the average rental price for a three-bedroom home was now between $450 to $550 per week.

When taking into account four weeks' bond and another week's worth of rent to a letting agency, potential renters needed to have at least $2500 to secure a home.

Mr Coutts said landlords had the power to raise rent prices every 180 days, while a letting agency could raise rent $10 a week each year.

The report offers renters a few tips:

• Get your references together and aim for them to be impeccable.

• Be one of the first people to apply. With an average of 80 people applying for each property, getting in first always helps.

• First-time renters or students should speak to their parents about acting as guarantors.

"The main thing landlords look for is that the rent is being paid and the property is being cared for and clean."