No surprise rents keep increasing

Stuff reports:

New Zealand’s median weekly rent reached $500 for the first time in April after a 5.3 per cent annual increase and strong growth in the provinces, according to the latest Trade Me Rental Price Index.
Head of Trade Me Rentals Aaron Clancy said it was a big milestone and showed how much demand existed around the country.
“It’s getting more and more expensive for New Zealand tenants, high rents aren’t just a ‘city problem’ anymore either.
“Six regions hit all-time highs in April, as a growing number of Kiwis look at their options outside our three largest cities. We’re seeing some Kiwis look further afield for their next rental, it’s a cost they can’t or don’t want to pay so they’re saying goodbye to the big city for life in the regions.

The Government keeps passing laws increasing costs for landlords. The fact that rents then increase to a record high should surprise no-one.