Christchurch rental demand shows year-on-year improvements despite COVID-19 events. Days on market (DOM) and vacancy rates are down YoY, and 2021 student property leases are being snapped up quickly, despite New Zealand’s borders being closed.
Our data shows current demand for rental properties in Christchurch is high, with our listings seeing an average of 20 DOM in July 2020, compared to the average of 24 seen in July 2019.
Well-priced rental properties in Christchurch are especially being tenanted in shorter time frames, and our vacancy rate for July 2020 was down to 1.16% from July 2019’s vacancy rate of 2.43%.
In addition to the post-lockdown trend of vacancy rates and days on market reducing, we’ve also seen property investors taking advantage of the strong current real estate market.
There were 24.6% more residential properties sold throughout New Zealand in July 2020 compared to the same time last year. This is further reducing the supply of rental stock and will inevitably impact rents.
We have recently commenced the leasing of our Christchurch student accommodation portfolio for 2021, and the signs of market confidence are extremely positive.
While there was some concern around the impact of local and international students potentially not returning to University of Canterbury for 2021, this does not appear to have affected the local domestic market.
The majority of our Christchurch student flats have already been leased, with particularly good interest in our five- and six-person flats.
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We’re delighted to be able to share these positive signs with you and look forward to supporting our landlord and tenant customers as our economy continues to adapt to and recover from COVID-19 events.
If you’d like to know more about our Christchurch property management services, please get in touch — we’d love to hear from you.