The most expensive place in New Zealand to rent a home
Janine Evans response to Tauranga rentals at an all-time high:
Evans Property Management owner Janine Evans said people were teaming up with others to afford higher rents.
“We are seeing more couples sharing accommodation now to help offset the increased expense. The dynamic is changing in the higher end properties as rents continue to grow.”
An influx in people moving to the region both from overseas and other parts of the country was contributing to a rise in prices, she said.
“We ask our tenants why they have chosen to move to the Bay of Plenty. The answer is either to come back to be with family, to experience our lovely climate and beaches, the people, and the central location the BOP has to offer. This influx causes a surge in rental demand which in turn, is pushing up prices.”
Prices were also on the rise due to lack of supply she said.
“Rents are now higher than ever in the BOP region. As demand continues to grow, this inevitability causes a decreased stock supply available. Add to that our current shortage of land supply, what we are seeing is this snowball effect of rent increases.”
“Until we have either more land and/or the resource consents available to build up (apartments/townhouses etc) in high density areas, the influx of people will continue to push prices up.”
Evans said some landlords have been left with no option to increase rents due to changes in tax depreciation laws and high interest rates, which could even cause landlords to sell property meaning there was even less supply.
Evans urged people seeking rentals not to give up hope.
“Keep putting your best foot forward. Even though you may have missed out this time, we confirm with them there in nothing wrong with your application, it purely is a numbers game.