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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Ian
Advice please, declined house insurance cover
Looking for advice please. Has anyone had any issues reinsuring their homes. Our current house insurance went up by 11.5%, so I decided to get another quote. At the end of a very long phone with Tower, they declined to insurance us, saying our property is a landslide risk. I'm on Wyndham Road in Pinehaven. While the house is up off the street, the house itself and backyard are on the flat part of our section. Now - in the interest of full disclosure - I'm going to have to tell our current insurer too. I've rung the Council to see if they've updated their hazards mapping - and they said the only update has been to the Pinehaven Overflow. Have lived in this house since 2003, and insurance has never been an issue till now. TIA
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