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Trade Me Property has just released its property report, which confirms what hopeful tenants all over Christchurch have experienced in the last months: listings for available rental property in Christchurch (excluding apartments) are down 40% compared to last year.
According to Trade Me’s figures, numbers of properties for rent started to decline after September 2010. Head of Trade Me Property, Brendon Skipper, says: "When the first major earthquake struck, we saw supply begin to come under pressure, and the February 2011 earthquake exacerbated the shortage. Supply has continued to plummet, and the current level of rental inventory for the city is the lowest we have seen for years."
Landlords across the city report a 42% increase in the number of inquiries for Christchurch rentals. This high demand of course affects rental prices. According to Skipper, Christchurch’s average asking price for rent went up 15% (as opposed to the national average of 4%, and fully twice as much as Auckland).
The high demand also means that listings on Trade Me Property are never online for long. Christchurch rental property listings are up for only 6 days or less before the houses are snatched up.
The current market dynamics are of course great news for landlords and property investors, and many have approached our experienced team of Property Managers to help them handle the influx of enquiries and make the best of Christchurch’s property trend.
For prospective tenants however, the situation is challenging. According to Trade Me Property, many now consider the option of buying a house. If you are toying with the idea too, why not have a look at Bayleys’ current real estate listings? But don’t worry, if you’re not in the position to buy right now. Here at Bayleys Property Management we’re just putting some great tips together on how to improve your chances of getting your hands on a Christchurch rental. As Skipper aptly put it: “Have all references, bonds and forms at the ready, as landlords [have] the luxury of choosing tenants who [are] low maintenance and easy to deal with.”