PHOTO: Rental Property Market
Statistics New Zealand data shows rents fell across much of the country in May.
An Auckland property manager told 1 NEWS there are nearly triple the number of apartments available on TradeMe than there were at this time last year.
Ali Karambayev from OneCiti says renters are also able to negotiate discounts and variations to agreements, with some receiving drops of five to 10 per cent in rents.
“Prior (to Covid-19), negotiation was not even on the table, you’d say sorry, this is the rent, if you don’t like it, then try to find something cheaper,” he told 1 NEWS.
Infometrics economist Brad Olsen says it’s “very early signs” the rental market is starting to soften.
But he warns that many people who rent are also those who are going to feel the brunt of the looming recession.
READ MORE VIA TVNZ
