1 00:00:00,200 --> 00:00:03,680 Speaker 1: For renters. We're hearing reports that landlords are trying to 2 00:00:03,720 --> 00:00:07,400 Speaker 1: secure new tenants by offering them grocery vouchers or a 3 00:00:07,440 --> 00:00:10,600 Speaker 1: week's free rent to lure them in. This comes as 4 00:00:10,680 --> 00:00:13,280 Speaker 1: trade me stats show the number of new rental listings 5 00:00:13,320 --> 00:00:16,680 Speaker 1: in Auckland was up thirty four percent in February compared 6 00:00:16,720 --> 00:00:19,400 Speaker 1: to a year ago. Last week on Friday, actually we 7 00:00:19,480 --> 00:00:21,680 Speaker 1: told you about rents coming down in the main centers 8 00:00:21,680 --> 00:00:24,960 Speaker 1: in Auckland and in Wellington in particular. Brad Olsen is 9 00:00:25,000 --> 00:00:28,920 Speaker 1: the Informetric's principal economists. Brad, Hello, good evening. So it 10 00:00:29,000 --> 00:00:32,839 Speaker 1: sounds like affordability potentially getting a bit better for renters. 11 00:00:32,840 --> 00:00:35,000 Speaker 1: We had that seek data out last week and now 12 00:00:35,000 --> 00:00:37,440 Speaker 1: we've got this story about incentives being offered. 13 00:00:38,520 --> 00:00:40,159 Speaker 2: Yeah, it does certainly seem like there's a bit more 14 00:00:40,200 --> 00:00:43,400 Speaker 2: opportunity out there when it comes to the rental market. 15 00:00:43,760 --> 00:00:45,920 Speaker 2: People who are still in their rents that you know 16 00:00:45,960 --> 00:00:48,239 Speaker 2: they signed up a while ago. It's not like you 17 00:00:48,280 --> 00:00:50,960 Speaker 2: can easily negotiate your rent to go low with your 18 00:00:51,000 --> 00:00:53,920 Speaker 2: existing landlord. But for people who are casting about for 19 00:00:54,000 --> 00:00:55,760 Speaker 2: a rental at the moment, there does seem to be 20 00:00:55,840 --> 00:00:58,720 Speaker 2: generally a fair bit more choice going on, and a 21 00:00:58,760 --> 00:01:02,400 Speaker 2: bit of down with pressure and areas on rent prices 22 00:01:02,440 --> 00:01:05,000 Speaker 2: because well, there's just not quite as much demand and 23 00:01:05,040 --> 00:01:07,959 Speaker 2: there's now more people who are offering a house to 24 00:01:08,000 --> 00:01:10,080 Speaker 2: rent than there are people who are looking to rent, 25 00:01:10,160 --> 00:01:11,440 Speaker 2: at least in the short term. 26 00:01:11,600 --> 00:01:14,080 Speaker 1: Why has it gone up so much in Auckland in particular, 27 00:01:14,120 --> 00:01:16,640 Speaker 1: Trade me reckons that listings up thirty four percent in 28 00:01:16,680 --> 00:01:18,360 Speaker 1: February compared to a year ago. Me And is that 29 00:01:18,440 --> 00:01:20,759 Speaker 1: just seasonal stuff or is this something going on here? 30 00:01:21,680 --> 00:01:24,240 Speaker 2: I think there's some underlying trends coming through because you're 31 00:01:24,240 --> 00:01:26,920 Speaker 2: seeing not quite the same degree, but you're seeing that 32 00:01:26,959 --> 00:01:30,280 Speaker 2: sort of similar trend emerging in Wellington. I know that 33 00:01:30,319 --> 00:01:33,560 Speaker 2: the flat that I currently rent, you know, if it 34 00:01:33,640 --> 00:01:36,360 Speaker 2: was relisted today, we wouldn't be paying nearly as much 35 00:01:36,360 --> 00:01:39,440 Speaker 2: as we currently are. So there's definitely a feeling that 36 00:01:39,480 --> 00:01:41,679 Speaker 2: there's both a bit of supply and demand going on here. 37 00:01:41,880 --> 00:01:43,520 Speaker 2: You've got a few more people that are going Look, 38 00:01:44,040 --> 00:01:47,440 Speaker 2: I'm obviously wanting to list my house on the market 39 00:01:47,480 --> 00:01:50,960 Speaker 2: to try and get some people in, and that's probably 40 00:01:51,000 --> 00:01:53,640 Speaker 2: because of where mortgage rates and similar have been. But 41 00:01:53,680 --> 00:01:56,320 Speaker 2: I think it's just as important that you've got again 42 00:01:56,400 --> 00:01:58,800 Speaker 2: the fact that when it comes to New Zealand is 43 00:01:58,840 --> 00:02:01,200 Speaker 2: having left the country and similar again, that level of 44 00:02:01,200 --> 00:02:04,680 Speaker 2: demand is just not quite as there as it was before. 45 00:02:04,760 --> 00:02:07,840 Speaker 2: You've got more people now who are not looking to 46 00:02:07,880 --> 00:02:09,880 Speaker 2: rent for whatever reason, and all of a sudden there's 47 00:02:09,880 --> 00:02:12,079 Speaker 2: more rentals on the market. Both of those I think 48 00:02:12,080 --> 00:02:14,320 Speaker 2: are linked, but overall they mean that there are a 49 00:02:14,360 --> 00:02:16,160 Speaker 2: few more deals to be done and a lot of 50 00:02:16,280 --> 00:02:18,520 Speaker 2: landlords who are going Actually, I need to figure out 51 00:02:18,560 --> 00:02:20,600 Speaker 2: how to fill the space, because it's not like before 52 00:02:20,840 --> 00:02:23,399 Speaker 2: when as a landlord, people walked into your house and said, 53 00:02:23,440 --> 00:02:25,440 Speaker 2: you know, please pick me and you had a bidding war. 54 00:02:25,800 --> 00:02:27,240 Speaker 2: Now it's more of a how do I make sure 55 00:02:27,280 --> 00:02:28,600 Speaker 2: I've got a renter that can fit in? 56 00:02:29,840 --> 00:02:32,200 Speaker 1: Yeah? Interesting, Brad, Thank you very much for that. Brad 57 00:02:32,280 --> 00:02:36,160 Speaker 1: Alsen on the Rented For more from Heather Duplessy Allen Drive, 58 00:02:36,320 --> 00:02:39,680 Speaker 1: listen live to news talks it'd be from four pm weekdays, 59 00:02:39,840 --> 00:02:42,040 Speaker 1: or follow the podcast on iHeartRadio.