It’s costing more to rent

New Zealand’s national median rent remains at an all-time high of NZ$480 per week.

And the latest Trade Me Rental Price Index also shows that rent increases are showing no signs of slowing down after rents leapt 6.7 per cent since September last year.

Nigel Jeffries, head of Trade Me Property, says there are some “ominous” signs for tenants ahead of the typically hectic summer rental period.

 “It feels like the calm before the summer rental storm, and tenants could be in for some ominous rent rises in the coming months, with tightening supply evidenced by a 6 per cent dip in the number of rentals onsite year-on-year, and a number of areas experiencing lifts in demand,” Jeffries says in a press release.

“Some tenants are making a move now to avoid the summer madness,” he says.

Jeffries says rents in both Wellington and Auckland have remained high, with the median rent at NZ$480 per week and NZ$550 per week respectively.

Some regions had seen strong double-digit growth, with rents in Marlborough up 20 per cent to NZ$385, West Coast up 19.1 per cent to NZ$280, Otago up 16.9 per cent to NZ$450, and Hawke’s Bay up 16.9 per cent to NZ$400.

First published 31 October 2018

This article does not contain any financial advice and has not taken into account any particular person’s circumstances. Before relying on it, we recommend you speak with a financial adviser.  This story reflects the views of the contributor only. Content comes from sources that we consider are accurate, but we do not guarantee that the content is accurate.


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