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Cost of owning property rising faster than rents - report

Author
Newstalk ZB,
Publish Date
Wed, 19 Sep 2018, 7:16AM
CoreLogic stats show between 2003 and 2017, costs to landlords rose five percent a year, and weekly rents rose 4.4 percent. Photo / Getty Images
CoreLogic stats show between 2003 and 2017, costs to landlords rose five percent a year, and weekly rents rose 4.4 percent. Photo / Getty Images

Cost of owning property rising faster than rents - report

Author
Newstalk ZB,
Publish Date
Wed, 19 Sep 2018, 7:16AM

New figures show rental prices aren't rising as fast as the costs of owning a property.

CoreLogic stats show between 2003 and 2017, costs to landlords rose five percent a year, and weekly rents rose 4.4 percent.

Property Investors Federation executive officer Andrew King says landlords generally put rents up about the same rate as inflation and incomes.

He told Kate Hawkesby rent prices haven't risen faster, because tenants can only afford what they can afford - and landlords respect that.

"Most rental property owners are just ordinary people who own maybe one or two and they get on very well with their tenants, and generally they are trying to provide something which is a good quality to the tenant."

He says recent government cash boosts to poorer families, haven't been eaten up by greedy owners.

"We have seen that rents have not increased by anywhere near the amount of those subsidies. That's good for them it means its actually easier for them to actually get on better in life."

LISTEN ABOVE AS ANDREW KING SPEAKS WITH KATE HAWKESBY 

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