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Rents leap by largest amount on record

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  • Rents leap by largest amount on record

    Rents around the country were up by 10 per cent year-on-year to hit a new high in July, new rental figures show.

    Trade Me Property’s latest Rental Price Index put the national median weekly rent at $550 in July, up from the previous record of $545 in June.

    It was an increase of 10 per cent on the same time last year, and Trade Me Property sales director Gavin Lloyd said it was the largest rental price growth the site had recorded since it started collecting the data in 2015.

    https://www.stuff.co.nz/life-style/h...ecord-trade-me


    And guess what the proposed Government solution is?
    Rent Controls!

    Not cost controls. Just add more bureaucracy and taxes. That'll fix it.
    The three most harmful addictions are heroin, carbohydrates and a monthly salary - Fred Wilson.

  • #2
    The legacy of this government will be the phrase 'unintended consequences' Muppets all of them.
    www.ilender.co.nz
    Financial Paramedics

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    • #3
      Originally posted by brokerman View Post
      The legacy of this government will be the phrase 'unintended consequences' Muppets all of them.
      Unintended and completely predictable.

      Comment


      • #4
        Originally posted by PC View Post

        Rents around the country were up by 10 per cent year-on-year to hit a new high in July, new rental figures show.

        [...]

        And guess what the proposed Government solution is?

        Rent Controls!

        Hopefully the "Government" reads the whole article.

        They should try and understand why nationwide demand for rentals has increased and yet nationwide supply of rentals has decreased (8% decrease cited).

        Rent controls will not build more houses to fix the supply issue. In fact, empirical studies have found that rent controls reduce rental housing supply.
        Last edited by Sanya; 28-08-2021, 01:45 PM.

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        • #5
          Unfortunately we're not dealing with adults in power here.
          The three most harmful addictions are heroin, carbohydrates and a monthly salary - Fred Wilson.

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          • #6
            Sweden hasn't nailed it and they've had rent controls for decades...
            Economists don't like rent controls, and neither do tenants nor landlords. Sweden, for example, has been an advocate of rent-controlled accommodation since the…
            SEARCH PropertyTalk, About PropertyTalk

            BusinessBlogs - the best business articles are found here

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            • #7
              I have to smile.
              We sold our rental properties 3 years ago due to the ever increasing demands from government to turn them into first class hotels for renters who had little or no respect for what we had provided for them. This barage appears to have not ended and the benefit of hindsight tells me we made the right decision.
              The next cab off the rank is controlling rents? The reslt will be more landlords selling as high property values means much lower returns and ever growing compliance costs as the government and brain dead senior bureaucrats fail to understand landlords are not chariities and they'll move their money elsewhere to get a return on equity.
              Good luck to those still in the industry. You know you owe tenants a living don't you............

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              • #8
                This Labour Govt can't see past the end of their noses. Ad Hoc, "whack a mole" policies on the hoof.

                They try to treat the symptoms, not their causes.

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