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20 Jul 2024 12:45
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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

     Other Business News
     20 Jul: It appears most retailers and supermarkets here are operating as normal again
     20 Jul: The housing outlook has become clearer in recent weeks - as some mortgage rates get a shake-up
     19 Jul: Several banking services across New Zealand are reportedly being affected by outages
     19 Jul: Good news for home-buyers.... BNZ and Kiwibank are following ANZ and Westpac in cutting their advertised home loan and term deposit rates, following Wednesday's drop in CPI inflation
     19 Jul: Businesses are embracing the extension of EFTPOS transaction days
     19 Jul: New data suggests there's increased demand for owning all kinds of small businesses
     19 Jul: Job ads continue to decline, as unemployment rises
     Top Stories

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    George Bell may only have played 15 Super Rugby matches - but he's being backed to get amongst the tight work if he makes his All Blacks debut this afternoon More...


    BUSINESS BUSINESS
    It appears most retailers and supermarkets here are operating as normal again More...



     Today's News

    Entertainment:
    Valerie Bertinelli has struggled to keep her own relationship rule 12:28

    Rugby:
    George Bell may only have played 15 Super Rugby matches - but he's being backed to get amongst the tight work if he makes his All Blacks debut this afternoon 12:27

    Entertainment:
    'Shogun' is leading the 2024 Emmy Award nominations, with 25 nods in total 11:58

    Motoring:
    The Brynderwyns is closed again until further notice, after heavy rain has caused some slips on the road 11:57

    International:
    Joe Biden's campaign says he is 'absolutely' staying in the race, insisting he is the best person to defeat Donald Trump at the election 11:37

    Entertainment:
    Kerry Katona's earliest memory is watching her mother slit her wrists when Kerry was just three years old 11:28

    National:
    Just Stop Oil’s harsh sentences are the logical outcome of Britain’s authoritarian turn against protest 11:17

    Rugby League:
    Another missed opportunity to push closer to the top eight - but the Warriors have managed to pick some positives out of their two-point NRL loss to the Raiders in Canberra 11:07

    Entertainment:
    Tom Sandoval is suing Ariana Madix for accessing explicit videos of Rachel Leviss on his phone 10:58

    Soccer:
    Confirmation of a big overseas move for Phoenix footballer Finn Surman  10:47


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