Rent Reductions Bring Good News For Housing NZ Tenants

Over 47,000 Housing New Zealand tenants have been told their rents will be dropping, Hon Murray McCully, Minister Responsible for Housing New Zealand said today. This follows the rent reduction package announced by Prime Minister Jenny Shipley and Mr McCully on 7 October 1998.

"During the five weeks following the 7 October announcements Housing New Zealand contacted a total of 47,397 tenants and advised them of the good news", Mr McCully said. "45% of these tenants have had rent reductions up to $5 a week. Another 45% have had reductions between $5 and $15 while rents for a further 10% have dropped by $15 or more."

Housing New Zealand provides over 62,500 homes around New Zealand, which it rents to low income New Zealanders. The company will continue to review rents in line with movements in individual rental markets.