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24 Jul 2024 21:15
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  •   Home > News > Business

    Rental property demand's plummeting - in large part due to the cost of living

    Rental property demand's plummeting - in large part due to the cost of living


    Trade Me's May Rental Price Index reveals the median weekly rent's held steady at 650 dollars.

    Demand's dropped for a seventh consecutive month - down 30 percent on the year before.

    Property Sales Director Gavin Lloyd says demand usually tapers off in winter.

    But he says a factors including slowing migration and increasing affordability are also at play.

    He says the cost of living is impacting people - so many are choosing to stay put in their current rentals.

    © 2024 Newstalk ZB, NZCity

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