Dunedin students face rising rents despite more properties on offer across country
Photo:
RNZ
Despite a surge of supply in the rental market and falling prices in many regions, Dunedin rents are up 12 percent.
New data from realestate.co.nz had shown despite a 66 percent jump in listings rent is Dunedin rose 12 percent with an average price of $709 per week. The overall trend for rental across Aotearoa was down 1.7 percent or $638 per week, with a 16.2 percent rise in listings.
Wellington rent was down 14.6 percent to $602 per week, Palmerston north was down 2.3 percent to $561, Christchurch was down 3.2 percent to $650 and Auckland was down 2.8 percent to $687.
Vanessa Williams, spokesperson for realestate.co.nz, told
Morning Report
, since May 2024, there had been a real surge of supply in the rental market and the demand was not being met.
Williams said she believed the drop in demand was probably in part due to young people moving overseas or having to move back home due to the cost of living.
"So if you're looking to move rental properties there's a lot of good stock out there."
However, renters in Dunedin were not so lucky.
Williams said the rise in rents could be due to the amount of students in Dunedin who had no choice but to find a rental.
"It's an interesting one... there are a lot of desperate students out there."
There was sustained tenant demand in Dunedin, Williams said.
"We're seeing strong momentum in rental listings in some regions, and this appears to be impacting prices. Key student cities continue to feel pressure in the rental market and even with more properties available, affordability remains a challenge, particularly for those on a tight budget."
Despite the noticeable lift in rental supply nationally, Williams said national prices remained surprisingly stable during July.
"This suggests rental demand is strong across much of the country, whether this continues will depend on how supply and demand play out over the coming months."
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