Some Christchurch landlords are offering a week’s free rent to attract tenants as rental prices in the city reach their lowest point in three years.
Tenants on average are paying nearly 10 per cent less rent than a year ago, with high levels of building and earthquake repairs boosting the city’s housing supply and forcing owners to absorb extra costs.
According to government bond figures, the city’s median weekly rent is now $383. This is 12 per cent lower than the high of $436 reached early last year and comparable to 2013 levels.
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