Rents are definitely linked, until discretionary income for the local people goes to zero they can still pay more. Housing prices also affect mortgage payments,

Rents are definitely linked, until discretionary income for the local people goes to zero they can still pay more. Housing prices also affect mortgage payments, which rise in tandem. Looking it up, I see USA is somewhere around 30% of income [1] as housing cost, while NZ is about 17% [2]. Seems to indicate there is room to grow under tight supply conditions. [1] https://www.businessinsider.com/how-to-save-more-money-2017-8 https://www.businessinsider.com/how-to-save-more-money-2017-... [2] https://www.stats.govt.nz/information-releases/household-income-and-housing-cost-statistics-year-ended-june-2017 https://www.stats.govt.nz/information-releases/household-inc...