Earthquake housing shortage to put pressure on Christchurch rentals

Real Estate industry insiders are picking a short-term strain on rental accommodation in Christchurch as people forced to leave their earthquake-damaged homes seek new places to live.

Real Estate Institute acting chief executive Wendy Alexander said it was too early to say what long-term effect the earthquake would have on the Christchurch market.

But with at least 431 homes reportedly up for demolition she said those who lived in them would need somewhere else to stay.

"The only thing that is possible with the Christchurch market is there will be an increased demand on short-term and middle-term rentals as people exit their existing homes and find accommodation during the period of transition," said Ms Alexander.

"Their grief and trauma is significant and the last thing we'd be contemplating is 'what's in it for us?' or any kind of speculation, it is absolutely the last thing we'd be advocating."

Realestate.co.nz chief executive Alistair Helm agreed there could be a spike in demand for rentals.

To read the full NZ Herald article, click here

Posted: 8 Sep 2010

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