Influx of new rentals only just keeping up with demand: B&T
Barfoot & Thompson said there had been a solid increase in rental supply across the city in the September quarter.
“We’re seeing strong growth in new rentals – apartments in particular are up by 36%. This is a recent upward trend coinciding with new developments in the central city,” director Kiri Barfoot said.
“In this last quarter alone, we had 387 new apartments, compared with 263 and 285 in the same quarters for 2014 and 2015, respectively.”
But she said that was only just enough to keep up with demand.
Vacancy rates were at 1% despite 26% growth in property available.
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