MASSIVE DEMAND FOR WELLINGTON RENTALS
'Massive' demand for Wellington rentals and shortage won't ease soon, Trademe says
Wellington is bearing the brunt of fierce demand for rentals, and there is no relief on the horizon.
Head of Trade Me Property Nigel Jeffries said the demand in Wellington was "massive", with the number of available rentals dropping 70 per cent on December 2016.
January "is likely to be even more extreme", he said.
In one case, a two-bedroom rental in Wellington was listed for 25 hours before it was taken down due to a flood of 55 applications.
The capital also saw the highest rise in median weekly rent over the last two months, up $30, from $450 to $480 in December.
The latest Trade Me Property Rental Index shows fewer listings compared to last year, and the cost of rent was on the rise.
Jeffries said rental availability would only get tighter, and prices higher in 2018.
"Overall the shortage of rental properties isn't going to get easier anytime soon."
"Demand will continue to exceed supply this year and as a result we are predicting that the national median weekly rent will rise between 3 and 5 per cent."
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