Renting Cheaper Than Home Ownership

Rents dip in four main centres, rise in others By JOHN HARTEVELT - The Press | Wednesday, 23 July 2008 MEETING THE MARKET: Progressive Property manager Michelle Williams has cut the weekly rental by $20 on this Christchurch house. Renting is now more than two times cheaper than buying a home. Renting is now 2½ times cheaper than buying a home and the best rental deals are in Christchurch, where rents are dropping - unlike many other NZ cities. Property Investors Federation vice-president Andrew King yesterday told an Australasian Housing Institute seminar the typical weekly mortgage payment of $745, which included additional costs, was much higher than the national median rent of $305 a week. New figures prepared by Crockers Market Research show Christchurch is the only one of the four main centres where rents are falling.... [read full story]