Rents fall in Christchurch, big rise in Wellington

Author
Newstalk ZB Staff ,
Section
Business,
Publish Date
Wednesday, 21 June 2017, 11:30AM
Rents are continuing to fall in Christchurch, but tenants around the rest of the country have not been so lucky (Getty Images)
Rents are continuing to fall in Christchurch, but tenants around the rest of the country have not been so lucky (Getty Images)

UPDATED 12.42pm: Rents are continuing to fall in Christchurch, but tenants around the rest of the country have not been so lucky.

Latest Trade Me figures shows the average rent in Christchurch is down $5 to $390 a week in May, dropping it to the same as it was in March 2013.

That's a far cry from the $495 a week it hit in March 2015.

In contrast, Wellington tenants are being hit in the pocket with medium size houses seeing huge jumps in rents.

Bay of Plenty and Wellington remain second equal as most expensive regions to rent at $450 a week on average.

The latest Trade Me figures show annual rents are up 2.3 percent across the country, while in the regions they're up seven percent.

Spokesman Nigel Jeffries said due to high demand, there is some substandard accommodation coming onto the market.

"There's plenty of creativity, particularly from people with an empty room, or an empty caravan or house truck, we're seeing those sorts of listings come on to the market."

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