Rental stock can’t match demand

There was a 20% increase in rental enquiries nationwide in June, according to the latest Trade Me Rental Price Index.

Bay of Plenty (up 47%), Southland (up 45%), Manawatu/ Whanganui (up 33%) and Canterbury (up 32%) saw the biggest increases in enquiries.

But Head of Trade Me Rentals Aaron Clancy says stock simply isn’t keeping up with the rising demand with the number of properties available for rent in June down 7% on last year.

He puts this down to higher house prices, which have left people in the rental market for longer, and tenants staying put in response to the tighter rental market.