A rise in rental supply is cooling down the market
A rise in rental supply is cooling down the market
28 July 2022
The latest Trade Me Rental Price Index shows for the first time in their records, national median weekly rents dropped for two consecutive months to 570 dollars.
The largest decreases were in Wellington and Southland where rents fell two percent month on month.
Trade Me Property Sales Director Gavin Lloyd says it reflects more homes being up for rent.
He says supply is up 11 percent year on year -- which is a significant change.
However, Renters United spokesperson Ashok Jacob says the drop was predictable.
He says the market's at the end of an unprecedented rental increase -- so naturally activity would slow down somewhat.
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