Key regions: France, United Kingdom, Australia, Japan, China
The Residential Real Estate Leases market in New Zealand has been experiencing significant growth in recent years.
Customer preferences: One of the main reasons for this growth is the increasing demand for rental properties in the country. Many individuals and families are opting to rent rather than buy a home, either due to financial constraints or the desire for flexibility. Renting allows people to live in desirable areas without the long-term commitment of homeownership. Additionally, the rising cost of housing in New Zealand has made renting a more affordable option for many.
Trends in the market: Another trend in the market is the popularity of short-term rentals, such as Airbnb. With the growth of tourism in New Zealand, property owners have been capitalizing on the demand for accommodation by renting out their homes or spare rooms on a short-term basis. This trend has not only increased the supply of rental properties but has also provided homeowners with an additional source of income.
Local special circumstances: New Zealand's housing market is unique in that it has a high rate of homeownership compared to other countries. However, there is a growing population of renters, particularly in urban areas. This has created a competitive rental market, with a limited supply of rental properties available. As a result, rental prices have been steadily increasing, making it more challenging for some individuals and families to find affordable housing.
Underlying macroeconomic factors: Several macroeconomic factors have contributed to the growth of the Residential Real Estate Leases market in New Zealand. Firstly, the country has experienced strong economic growth in recent years, which has led to an increase in employment opportunities and population growth. This, in turn, has driven up the demand for rental properties. Additionally, low interest rates have made it more affordable for investors to enter the rental market. Many individuals are choosing to invest in residential properties as a way to diversify their portfolios and generate passive income. This has further increased the supply of rental properties in the market. In conclusion, the Residential Real Estate Leases market in New Zealand has been growing due to the increasing demand for rental properties, the popularity of short-term rentals, and the unique characteristics of the housing market. Factors such as population growth, economic prosperity, and low interest rates have also contributed to this growth. As the market continues to evolve, it is likely that rental prices will continue to rise, making it essential for policymakers to address the issue of affordable housing in the country.
Data coverage:
Figures are based on total and average revenue of residential apartment leases.Modeling approach:
Market size is determined by a bottom-up approach. We use national statistics, international organizations, and industry associations to analyze the markets. To estimate the market size for each country individually, we use relevant key market indicators and data from country specific industry associations such as GDP, price level index, household wealth, household size, number of renter and owner households, housing consumer spending per capita.Forecasts:
We use a variety of forecasting techniques, depending on the behavior of the market, for instance, exponential trend smoothing. The main drivers are GDP per capita, population, number of renter and owner households, price level index, housing consumer spending per capita.Additional Notes:
Data is modeled using current exchange rates. The market is updated twice per year in case market dynamics change. The impacts of the Russia-Ukraine war considered at a country-specific level.
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