January to June 2015

We have been tracking long term rental properties advertised for rent over the last 6 months. Statistics have been gathered from Trade Me, Realestate.co.nz and individual agents' web pages. The stats have excluded winter rentals as those are generally rented for a higher price and skew the data. Click here to see the graph.

The good news is rents have definitely moved upwards. Less than a year ago the average rent across all houses from Wanaka to Hawea and Luggate to Albert Town was $376 per week. If you look at the latest ones being offered, that has increased to $432 per week - a 14% increase.

Housing stock in our area ranges from very basic, old, uninsulated homes with no garage to brand new, high spec homes with multiple bathrooms, garages and views. Both unfurnished and fully furnished properties have been included, so bear this in mind.

Why have rents increased? In our view it is due to a shortage of good rental properties. Good tenants like good houses - well insulated, good heating, reasonable storage and with some degree of privacy. There may be a shortage, but tenants are quick to spot an over-priced house and steer away from those with restrictions such as having to move out over the Christmas holidays.

Some other interesting stats that emerged:

The average rent for a 3 bedroom home (bearing in mind the wide range) is $404 per week.
21% of homes advertised are offered at $550 per week and above.
The average time to rent a home is 3 to 4 weeks.