Low supply coupled with high demand for suitable rental properties in St Albans is pushing up asking prices as much as 25 per cent higher than a year ago.
According to figures from Trade Me Property, rents rose 25 per cent, demand went up 38 per cent and supply dropped 21 per cent compared with the same period (third quarter) last year.
Removal of rental properties from the market (mostly because of quake damage) and demand from people moving to the city for the rebuild are helping to push up prices and there are fears that more people will end up living on the city’s streets because they do not have the income to cover the rents charged.
Earthquake Minister, Gerry Brownlee may regard such demand as good for Christchurch but Labour Leader David Shearer thinks that the Government should purchase more houses and add to the housing stock for rent.While the rest of the country faces rent increases around 3-4 per cent, Christchurch tenants facing 25 per cent increases are cutting back on food or heating.
Linwood, St Albans, Riccarton and Marivale are popular with people wanting to rent houses in Christchurch according to this Press article
