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Home / New Zealand

Demand up for New Year rentals

Lydia Anderson
Wairarapa Times-Age·
19 Jan, 2014 07:44 PM2 mins to read

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Just-released Trade Me figures show demand for Wairarapa rental properties grew by 4 per cent in the October-December quarter.

Just-released Trade Me figures show demand for Wairarapa rental properties grew by 4 per cent in the October-December quarter.

Rents are up in Wairarapa and demand for rental properties has grown as people get settled to start the new year.

Just-released Trade Me figures show demand for Wairarapa rental properties grew by 4 per cent in the October-December quarter, while the average rent increased by 2 per cent to $256.

Supply of available properties also increased by 3 per cent to 434 listings.

Property Brokers Wairarapa manager Paul Joblin said the figures were a "fair indication" of the Wairarapa rental market.

"The demand is usually greater around the Christmas period and into the new year.

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"I think people reposition themselves in the new year."

Rentals were in demand across Wairarapa, and three-bedroom properties were always popular, however more families were looking for four bedrooms.

The Trade Me figures did not show any great changes in the market, and the 2 per cent rent increase could be skewed by one higher value rental, he said.

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Mr Joblin was hopeful for an improved local economy in the coming year.

"There's quite a lot of confidence 2014 will be better than last year."

Nationwide the number of properties available for rent last quarter was down 2 per cent on a year ago.

Enquiries from tenants were up across the country, rising 5 per cent on the same time last year, while average rent was up 6 per cent.

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Of the main centres, Canterbury renters paid the most in weekly rent payments - forking out an average of $535 - nearly $40 more than Auckland.

Trade Me's acting head of property, Jimmy McGee, pinpointed the Christchurch rebuild as a major driver behind the region's high rental figures.

Nationwide, one of the key drivers of the rental market may be the Reserve Bank's new lending restrictions on high-risk low-deposit home loans, he said.

"As the [lending restrictions] lock potential house owners out of the market, more people will be forced to sit tight in their rental homes as they keep saving hard for a deposit."

But he said the bigger driving force may be the improved economic outlook as higher employment rates and wages would put more money in renters' pockets - improving their capacity to pay rents. "There's strong underlying demand for rental properties. Rising consumer confidence means that asking prices may continue to rise strongly."

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