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.”
“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.”
Christchurch Median Rents
|3 Bedroom House
||2 Bedroom Flat
| March 2011
| March 2015
Source: Interest.co.nz, Ministry of Business, Innovation & Employment