Waikato's rentals holding steady
While Tauranga heads toward a rental accommodation shortage, Hamilton and Waikato seem to be holding steady.
Trade Me figures released last week showed that the rental supply in Tauranga dropped by 18 per cent in the last quarter of 2013 compared to 2012, while demand rose by 17 per cent.
The average rent also rose 18 per cent, to $405 in the city.
However, figures supplied to the Waikato Times yesterday for Hamilton and Waikato showed that supply and demand were evenly matched, with listings rising by 2.2 per cent, and demand by 2.1 per cent.
In Hamilton Trade Me listings dropped by 5.7 per cent to 4509, and demand was also down by 3.8 per cent.
The average rent dropped 0.1 per cent to $325.10. For the entire region, rent increased by 23.7 per cent to $422.49.
Harcourts general manager for rentals, Melanie Rouse, said this was likely driven by building starting again after the recession, and she was surprised the figures showed a drop in rent in Hamilton.
"The average rent will have gone up because of all the new building in Hamilton over the last year.
"There's a huge amount of new property that's gone up around the university."
Demand in Waipa bucked the regional trend, with an increase in demand of 13.3 per cent, outstripping listings which only increased 0.6 per cent. Ms Rouse said this was likely driven by the influx of people working on the Cambridge bypass, along with several high performance centres, and athletes, relocating to the town.
The average rent increased 8.8 per cent in the district to $346.60.