Not enough rentals available: Survey
The results of its latest quarterly property management survey have been released and show rents are rising and tenants are struggling to find anywhere to live.
General manager Colleen Milne said too few houses were being built and investment by property developers was subdued.
“Some of the contributing factors to the shortage are the cost of new buildings and the costs of consents due to stringent council requirements because of the leaky home issue,” she said.
“Rent prices continue to increase across the country, particularly in Auckland and Christchurch. The lack of affordability for first-home buyers with families may result in many families being unable to climb out of the rental cycle into home ownership.”
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