Rents soar in Christchurch
Median rents in most Christchurch suburbs have increased by at least 10 per cent in the past year.
The latest information from the Real Estate Institute of New Zealand suggests the supply of rental properties in the city remains tight.
The REINZ draws its figures from the tenancy bond information collected by the Ministry of Business, Innovation and Employment, which includes most new tenancy agreements completed each month.
St Albans had the highest increase in the country for a two-bedroom property with rents rising by 15.4 per cent in the year to May.
Rent for three-bedroom houses in Avonhead increased by 14 per cent in the same period.
In New Zealand, the median rent for a three-bedroom home increased by 5.3 per cent. For a two-bedroom home the increase was 4.5 per cent.
Of the three main centres, Christchurch would have been the best place to be a landlord over the last year.
In the capital, the market has been largely flat, with some suburbs showing small rental gains and others showing declines. But overall, landlords are unlikely to have achieved much rental growth in Wellington over the last year.
In Auckland, which is by far the country's largest real estate market, and where the availability of properties has also been extremely tight, rental growth has been surprisingly patchy.
- © Fairfax NZ News