22nd June 2010
Information on rental rates in a locality can serve a couple of main purposes;
1] assist home buyers moving into the region with their temporary or permanent accommodation budgets
2] enable out of town investors to plan/budget/forecast potential returns for an investment property in Nelson
Here is the latest Market Rent update courtesy of the Dept of Building & Housing for the period 01-DEC-2009 to 31-MAY-2010.
This information is compiled from bonds lodged.
All chart source data comes from New Zealands Department of Building and Housing.
Rather than show the averages like the last few updates, I decided it was more representative of our local market to highlight the differences between Nelson Central, as in town, the hills as in Port and Tahunanui Hills, and Stoke / Nayland.
That’s the reasoning behind having the 3 separate charts here.
As is plain to see when comparing the three charts, town (Nelson Central) is made up of a more densely packed population, hence the larger number of small bedroom number flats and apartments. At the other end of the spectrum is Stoke, along with its wider choice of all age schooling options. This is evidenced in the preponderance of homes when compared to flats/apartments.
There you have it, up to 31st May 2010 what weekly rentals cost in Nelson.
Separately I’ve been asked why Nelson rents are so high? Best explained by the following graphic really. This is NZ Census data.
Admittedly it is data a few years old, from the last New Zealand Census of 2006, but I suggest that in terms of the rankings not much has changed.
DATA SOURCE – NZ Department of Building and Housing