Just released statistics from Trade Me highlight a record 70% drop in available rental properties in Wellington compared to the same period last year whilst demand is sky rocketing. As an example a recent listing for a two-bedroom rental was taken off the market due to 55 applications for that property in just 25 hours! Demand will continue to exceed supply in 2018 and Trade Me are predicting that the median weekly rent will rise between 3 and 5 per cent across New Zealand as a consequence.
Likewise the Oxygen team is experiencing unprecedented demand for properties and our people appreciate the frustration and concerns of home seekers as available viewing times are quickly snapped up and properties rented shortly after. Additional resources have been put in place to manage demand as efficiently as possible however it would appear that the shortfall of properties will continue to cause issues for all involved for the foreseeable future.
