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Christchurch sees 36% rent increase in four years

Tags: Canterbury Residential

Median housing rents dropped slightly last month but remain well up on where they were a year ago.


The Ministry of Business, Innovation & Employment have released their latest figures collating new tenancy bonds to show the national median rent for three bedroom houses newly tenanted in March 2015 was $387 a week, compared with $390 a week in February.

Rents in Christchurch are climbing every year with the median rent on a three bedroom house up $10 a week compared with March last year and up $120 a week (36%) compared with March 2011.

Bayleys Property Management Director Matthew Curtis says over the past few years rents have increased, but have been skewed somewhat due to short term rentals for insurance companies and tenants completing EQC repairs.

“The short term rentals market has died off a lot in the last 6-9 months, which is probably why we’ve seen a correction in the rents or very little in the way of increases. There are considerably more rentals advertised on Trademe and RealEstate.co.nz now compared to this time last year. So we’ve certainly seen a settling in the market and rents come back or the same.”

Matthew also added that a decrease in renters from outside Christchurch is easing the market.

“We’re seeing a lot less new people to Christchurch, compared to what we were seeing a year ago. 12-18 months ago, every third or fourth person you met was from outside of Christchurch. Now it’s probably one in every 15 – 20. We’ve seen a big reduction in the number of people from overseas or from outside of Christchurch.”

House, calculator, pen and paper

 Christchurch Median Rents

  3 Bedroom House
2 Bedroom Flat
  March 2011
 330  250
  March 2012  360  250
  March 2013  390  295
  March 2014  440  320
  March 2015
 450  345


 $ per week median

Source: Interest.co.nz, Ministry of Business, Innovation & Employment

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