New data showed that the median rent in Queenstown has experienced a massive drop, falling from $800 in January 2020 to $550 in June 2020. These numbers are difficult to swallow for New Zealand’s tourist hotspot after rent has been reaching record highs year on year. Trade Me Property spokesperson Aaron Clancy spoke of the decline as the largest annual percentage drop recorded in the Queenstown-Lakes district since TradeMe began recording rental data. “For the first time in a long time, Queenstown-Lakes is a tenants market, with falling rental prices coupled with the increase in available properties.”
While we’re yet to see such radical lows in other areas in the country, the rental market is likely to see some more major changes in the coming months.
