From my property mangers in Christchurch. A1 Property managers.
Christchurch Rental Market Update
Rents in Christchurch have stopped rising, and smaller and cheaper homes are in strong demand.
The number of Christchurch rental homes listed on Trademe has jumped from 600 available to 1550 available inside one year. A lot of these listings are renovated or brand new homes and Tenants are no longer settling for cold or damp houses.
According to the latest Ministry of Business, Innovation and Employment (MBIE) bond figures, the city’s average weekly rent is now at $430pw – down from $480pw at the start of the year. The Christchurch rebuild has really re-stocked the market and with so many Christchurch homes repaired and rebuilt, rental properties are taking longer to lease, rents have pulled back and Landlords are now needing to drop rents, in order to avoid having vacant properties. We have found that the fully furnished and short term market has died right down.
According to CCC consent figures, more than 20,000 homes have been approved in Canterbury since the Earthquakes. The city with the highest rents is now Auckland, where the average weekly rent of about $495pw, is 20% higher than Christchurch. The national average rent is just under $400pw, according to bond data.
Christchurch Rental Market Update
Rents in Christchurch have stopped rising, and smaller and cheaper homes are in strong demand.
The number of Christchurch rental homes listed on Trademe has jumped from 600 available to 1550 available inside one year. A lot of these listings are renovated or brand new homes and Tenants are no longer settling for cold or damp houses.
According to the latest Ministry of Business, Innovation and Employment (MBIE) bond figures, the city’s average weekly rent is now at $430pw – down from $480pw at the start of the year. The Christchurch rebuild has really re-stocked the market and with so many Christchurch homes repaired and rebuilt, rental properties are taking longer to lease, rents have pulled back and Landlords are now needing to drop rents, in order to avoid having vacant properties. We have found that the fully furnished and short term market has died right down.
According to CCC consent figures, more than 20,000 homes have been approved in Canterbury since the Earthquakes. The city with the highest rents is now Auckland, where the average weekly rent of about $495pw, is 20% higher than Christchurch. The national average rent is just under $400pw, according to bond data.
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