Summarised by Centrist
New Zealand has emerged as one of the most expensive countries to rent in, with average rent consuming 22% of household income, a record high.
The OECD reports that over 25% of disposable income goes to rent for many New Zealand households, ranking the country ninth globally. The burden is even more pronounced for low-income tenants, with over 40% of their income spent on housing.
Economists say that rent affordability has worsened, with many regions, like Gisborne, seeing nearly 45% of income spent on rent.
Although rents are stabilising, significant improvements in affordability are unlikely without substantial wage increases.
