Rents rising fast

[MotherBear]

Rentals rising fast, Massey survey shows
9:40AM Tuesday March 25, 2008

The median national weekly rental has risen 7.1% in the last year, a survey of rental information by Massey University has found.

The survey for February showed the median rental rising 3.4% to NZ$300 a week from NZ$290 in November. The biggest rises in Auckland were in the North Shore, where the median rent rose 11.1% in the last year, while Waitakere rose 8.3% and Manukau rose 6%.

Rents in Invercargill rose 18.7% and were up 15.3% in Lower Hutt. Napier rents rose 12%.

The prospect of falling house prices and higher mortgage rates appears to be forcing many landlords to consider rental increases to bring yields back up to acceptable levels in the absence of capital gains.

- INTEREST.CO.NZ

From here .

[MotherBear]

A bit more about it.

Rents shoot up 7% as landlords feel the pinch
Page 1 of 2 .........5:00AM Wednesday March 26, 2008
By Andrew Koubaridis

Renters are hurting as much as homeowners - national average rents are up by just over 7 per cent, and the average rental now costs $300 a week.

A Massey University survey shows rents in February were 7.1 per cent higher than last year.

The biggest rises were in Invercargill, Lower Hutt and Napier.

Professor Bob Hargreaves, of Massey University's economic and finance department, said landlords were feeling the pinch of rises in mortgages, insurance and rates.

"[Landlords] have been arguing for a while they need rental increases," he said.

More here .