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New Zealand among the most expensive rental markets globally

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.

Read more over at The NZ Herald

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