We haven’t looked at TradeMe rental listings for some time and there has been a considerable change.
As at 19.7.21: By bedrooms:
At September 2020: By bedrooms:
- A 19% drop in total number of available rentals
- Drop is over all property sizes except 5+ bedroom sector. Always a difficult one except for room x room and student accommodation. This time of year, both are slow.
- Drop is over 3 areas – only Waimakariri showing an increase. We are still finding a reluctance from tenants to move out that direction due to travel constraints but with the opening of the new motorway bypass this is slowly changing. With a lot of new builds in Pegasus, Ravenswood and Rangiora this is not surprising. However, the same could be said about Selwyn. With significant growth in Rolleston and Lincoln yet that area shows a 29% drop in rental availability. Again, the new motorway has boosted interest in these areas. Christchurch has dropped 20%.
As at 19.7.21: By rent level:
|$0 – $200||$202 – $300||$301 – $400||$401 – $500||$501 – $600|
As at September 2020: By rent level:
|$0 – $200||$201 – $300||$301 – $400||$401 – $500||$501 – $600|
- A significant drop in the number of properties available in the low to mid-ranges. Not surprising. Yes, the total number of properties available have also fallen but when you look closer at the listings there is an increase in newer properties which attract higher rents. There have been rent increases following on from healthy homes and driven by demand.
- A significant increase at the high end. Matching the reasons above. At the very top end there may well be some owners expecting unrealistic rental returns. We have had success recently in letting high end property so there is still s demand albeit small.
As the number of available rentals fall, we notice an immediate drop in existing tenants looking at moving. This is good for both the tenants and the owners. Stable tenants are worth having and now with nearly all rentals meeting healthy homes standards we expect to see less inter-rental movement in the future.