Rental market turning on landlords

As many buyers are not getting the sales results they want they have taken their homes off the market and put them into the rental pool.

They have become “accidental landlords” and are contributing to a rental glut that is tipping the market in favour of renters.

For example, in Wellington central over a matter of weeks the rental market has gone from a shortage of homes to now an oversupply and not enough tenants.

The city is awash with rentals as people put their properties into the pool rather than sell at lower prices than they expect. Listings have increased 50% from this time last year and are hovering at about 700-800 for sale.