price bidding


PHOTO: The Government wants to ban rental price bidding and limit rent increase to once a year. Source: 1 NEWS

A Wellington renter who has been subject to price bidding in the hunt for a home is welcoming the Government’s proposed changes to make renting more fair and secure for tenants.

“You come across questions such as how much are you willing to pay or that kind of thing and it’s just impossible to compete with the amount of people who are there,” student Kelsey Lee said.

The Government’s proposing banning bidding wars through an amendment to the Residential Tenancies Act, among a sweep of moves to bring the out-of-date 1986 legislation into line with New Zealand’s increasing rental rate.

Around a million Kiwis rent in New Zealand – a third of the population, compared to a quarter in 1986.