Rents fail to keep pace with house prices

Monday 26 January 2004

Rentals are not keeping pace with the steep rise in Wellington house prices, leaving some landlords out of pocket.

By The Landlord

Though house prices in the Wellington region have risen about 12 per cent in the past year, rents have not increased at the same rate, rental agencies say.

The number of rental properties available meant tenants could pick and choose, keeping a lid on rents.

Wellington property investor John Perera said there was no indication that rents in the city would rise.

"With all the apartments being built, it's taken the pressure off the market," he said.

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