Renting is a choice for many people who just don’t want the hassles of homeownership and their lifestyle doesn’t suit it. There is a rise in single households too, so owning the kiwi dream of a typical three bed standalone in suburbia is not on their radar now nor any time in the future.
There are professions that require extensive travel and with today’s global economy people are a lot more transient, moving cities, countries at very short notice. Therefore putting down roots really does not make economic sense whereas renting is a perfect match.
With little media attention on ‘lifestyle renters’ you’d be forgiven for assuming all renters in New Zealand are ‘flatters’ straight out of school or people who can not afford their own home. Essentially you’d also assume all rental properties are substandard in New Zealand so if you move here from offshore you’d be expecting an unpleasant renting experience.
However it’s not the reality. There are quality rental properties and apartments particularly in the major centres of New Zealand. There will be more high spec rental properties entering the market over the next few years as demand dictates. One-person households are the fastest growing household type in the country.
One-person households are projected to be the fastest-growing household type, of the three broad types projected, increasing by 240,000 (an average of 2.0 percent a year) from 363,000 in 2006 to 602,000 in 2031. One-person households will account for 29 percent of all households in 2031, up from 23 percent in 2006.
Time is precious so renting a quality property with all the bells and whistles minus the ongoing property expenses including maintenance really is the way to go. Lifestyle renters include cashed-up baby boomers and retirees.
This blog article was written for PropertyBlogs by Mobilize Mail.