House rents static in most areas
Tenants should be celebrating but their landlords may be less happy at figures showing rents are not rising in most parts of New Zealand.
Sunday, January 2nd 2005, 1:57AM
by The Landlord
Private-sector rents in most areas have not moved much in the past 12 months, says Bob Hargreaves of Massey University's real estate analysis unit.The national median rent was $245 a week, $5 less than at mid-year, he said.
Rents in most areas were about the same as a year ago.
In Hastings, the median rent was $200, up $10; in Napier, it was $225, up $15; rents in Palmerston North had fallen $10 to $190, while Upper Hutt and Lower Hutt were unchanged at $200 and $220 respectively.
The median Wellington rent was also unchanged, at $290, but Auckland rents had fallen $5 to $320.
The only area to show a significant increase was Tauranga, where rents had risen more than 13 percent, from $220 to $250.
The average rent for a Wellington apartment was now $330, down from $350 in the middle of last year.
Professor Hargreaves said the return on rental properties was now close to bank deposit interest rates, leading to concern that some investors may not have taken sufficient account of the expenses and risks associated with rental housing.
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