Canterbury tenants say no to high rents

Soaring Canterbury rents may soon be forced down as a rental property glut hits the market, industry experts say.

The cost of renting a three-bedroom house in a typical Christchurch suburb rose from $230 to about $280 in the past two years as owners tried to cover their rising expenses, property manager Michelle Abley said.

"The rental market is very inflated but it is coming down because people are starting to say 'I won't pay that'."

Christchurch investment association manager Martin Evans said the losers in this expected rental shake-up would be investors who had over-extended themselves by buying a rental property with no deposit.

- NZPA