NZ remains affordable in global context – but not without challenges
“In a global context, New Zealand’s rental market offers some competitive advantages, but we need to be careful not to overlook affordability pressures at home,” said Vanessa Williams (pictured), spokesperson for realestate.co.nz.
“Local wage growth, supply of rentals, and broader economic conditions all play a role in the experience of Kiwi renters.”
That pressure is mounting for landlords too, with a record 40% now saying it’s difficult to secure good tenants – a sharp turnaround from 14 months ago, when 25% said it was easy, according to the latest Crockers Investor Insight survey with Tony Alexander.
Rents down nationally – but still a mixed bag
Despite the international comparisons, renters in New Zealand are seeing slight relief. The national average weekly rent in May dropped to $633, down $27 year-on-year – a decline of 4.1%.
Still, affordability remains a growing concern.