An increase in migration and a shortage of property investors are believed to be causing a surge in rental prices nationwide. Rental rates have reached historically high levels, rising by 6.1% in the year leading up to October, with Auckland experiencing an even steeper increase of 8.5% over the past year.
Mike Atkinson, the Managing Director of Aspire, cautioned the incoming Government about the necessity to control prices. He stressed that if prices keep escalating, tenants might be forced out of the market, intensifying the strain on waiting lists for social housing. Listen to the full interview here.
