Rents Rise As Demand Soars
Monday 9 February 2004
Rents for Christchurch residential properties have increased significantly in the last five years, Alison Woods who runs The Rent Shop for Christchurch property company, Simes Ltd, says.
By The LandlordFigures sourced from the Tenancy Service Bond Centre, based on bonds lodged, show that the median rent for a three-bedroom home in Riccarton increased from $200 a week in 1999 to $260 a week late last year. In Fendalton-Merivale the price increased from a median of $237 to $280, St Albans-Shirley from $200 to $250 and Christchurch Central from $210 to $300.
The increases relate directly to supply and demand for properties to rent in the city, Mrs Woods says. Her research shows that rent levels track the fortunes of the property market. When the market eased in 2001, the median rent for a three-bedroom house in some areas including Fendalton-Merivale and Riccarton, dipped.
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