Kelvin Davidson, chief economist at property research firm Corelogic, said average rent as a share of average household income had reached a record high of 22 percent. More than 25 percent of disposable income was going on rent for renting households, it calculated, ninth in the world. In Gisborne, rent share of income from an average job was near 45 percent. Rent growth might slow a bit further but rental affordability doesn't look like it's going to improve in the near term… renting is going to remain pretty expensive. It's not easy whether you're paying a mortgage or paying rent.

Source: Stuff June 19, 2024 22:29 UTC