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Rental Accommodation Update

By Liam O'Boyle

Rental Accommodation

As we approach winter the housing rental accommodation situation has eased a little with available rental properties in the private sector increasing by 200 properties in Christchurch City from the tight supply situation in March 2012.

Ever since September 2010 there has been an ebb and flow to the supply and demand for rental accommodation. 

One point pleasing to note is Minster Brownlee’s allocation of funding to repair Housing NZ and CCC housing units.  Many of these properties will take little work to become habitable again.

The investment of $71 million to return nearly 1000 homes back into the rental pool is excellent for the tax payer, more cost effective than temporary villages.  The return of these homes will assist in meeting social housing needs. 

What we would like to see is a gradual increase in rental returns not a sharp artificial spike in rents that are unsustainable.  We appreciate that the cost of property ownership is increasing through rates and insurance but rent increases are more than covering this. 

The rebuild of Christchurch is only at a token stage with estimates on time frames continually being pushed out further into the future.   Again with slightly more rental properties available it is the med-range of 3-4 bedroom homes in the least affected areas that are in greatest demand.  Some high end and poorer quality housing still take time to tenant.

Tony McPherson

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