Drop in rental prices unexpected

June 23, 2008

The median rent level has dipped $5 a week to $295, according to a quarterly report on the residential rental market.

The record high reached for rents at the start of the year was $300 a week, Massey University’s Real Estate Analysis Unit said.

The unit’s director, Prof Bob Hargreaves, said the 1.6 per cent drop was somewhat unexpected because rents had been rising steadily last year and during the first months of this year. (more…)

House prices leave rents behind

April 26, 2007

Average rents have risen faster than wages in the past five years and are tipped to jump further in the next two years as the rental market catches up with Auckland’s soaring house prices.

Property Investors Association vice-president Andrew King predicted yesterday that Auckland rents could leap 20 per cent in the next two years. (more…)

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