New research from CPAG reveals renting is increasingly unaffordable in…
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31/07/2024. 08:05
KoreaPost
The Child Poverty Action Group (CPAG) is calling for better monitoring of housing stock, particularly private rentals, as new research reveals the share of affordable rentals has significantly decreased in most of our regions over the past five years.
Researcher Greg Waite has found significant declines in affordable rentals for low-income working families in 12 out of 16 regions between 2018 and 2023.
In particular, the following regions saw large declines in their share of affordable rental housing: Northland (-14%), Bay of Plenty (-11%), Gisborne (-14%), Northland (-14%), Bay of Plenty (-11%), Gisborne (-14%), Hawke's Bay (-17%), Manawatu-Wanganui (22%), Marlborough (-13%) and Southland (-26%).
In contrast, the national trend saw a relatively consistent share of affordable one and two-bedroom rentals - the result of increased building in Auckland and Christchurch. That the national trend obfuscates significant changes in the regions, speaks to the need for closer monitoring of rental supply in New Zealand.
CPAG says the research highlights the need to increase public housing builds, especially in our under-served regions.
Greg states, 'New Zealand's private rental market consistently rates as one of the most unaffordable in the OECD. This is because successive governments have chosen housing policies that have failed to match the supply to the demand for affordable housing.'
'Unfortunately, the current government is continuing to choose policies that favour the few over the many. Most recently, reviving past policies which reward over-investment in property for resale and capital gains, when we need many more affordable homes built', Greg says.
'The government must continue to build public housing at scale. Leaving the supply of affordable housing "to the markets" like this means leaving house prices and rents to a particular type of market, one designed to extract more profit from homeowners, renters and government tax subsidies. New Zealanders needs better policies from local and national governments to ensure there is enough affordable housing and protect families from being trapped in poverty by their housing costs.'
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Source: Child Poverty Action Group