The median national weekly rental has risen 7.1% in the last year, a survey of rental information by Massey University has found.
The survey for February showed the median rental rising 3.4% to NZ$300 a week from NZ$290 in November. The biggest rises in Auckland were in the North Shore, where the median rent rose 11.1% in the last year, while Waitakere rose 8.3% and Manukau rose 6%.
Rents in Invercargill rose 18.7% and were up 15.3% in Lower Hutt. Napier rents rose 12%.
The prospect of falling house prices and higher mortgage rates appears to be forcing many landlords to consider rental increases to bring yields back up to acceptable levels in the absence of capital gains.
Source – INTEREST.CO.NZ
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