High demand for Linwood, St Albans rentals
The Christchurch rental market remains tight but the rest of the country shows signs of easing, Trade Me Property's latest quarterly figures show.
The number of inquiries from potential tenants remained strong, up 38 per cent compared with the same period last year.
Trade Me Property head Brendon Skipper said the data indicated a decrease in supply of properties available for rent, leading to increased demand and price.
"We're seeing a 25 per cent increase in rental asking prices, with the numbers painting the classic picture of over-demand and under-supply for residential properties throughout the city."
Linwood, St Albans, the central city, Merivale and Riccarton all had low supply and high demand, with an inevitable increase in the asking price, he said.
"The numbers clearly show that the current supply-and-demand situation is not going away any time soon while the city redevelops,'' he said.
"While there were properties available to rent in those areas, continued demand put landlords in a strong position to ask top dollar."
The rest of the country showed further easing of demand, down 4 per cent from the previous year, while the rental asking price was up a modest 3 per cent, with national supply up 8 per cent.
Supply in Auckland was up 28 per cent on the previous year, although demand was 20 per cent lower compared with last year, when there was an increase in activity during the 2011 Rugby World Cup.
Wellington saw a similar increase in properties for rent (up 23 per cent), affecting the city's average asking price (down 3 per cent).