Tenants outside the main areas of Auckland, Wellington, and Christchurch are now paying the highest rent ever, data from the Trade Me Property Rental Index shows.
Average rent climbed 6.8 per cent compared to March last year, to an all-time high of NZ$395 per week.
While the median rent in Auckland dropped 1.8 per cent on February to NZ$540 per week in March, rental prices were still up 4.9 per cent on last year.
Head of Trade Me Property, Nigel Jeffries, says in a press release that outside Auckland, Wellington, and Christchurch, the rental market was “running hot” in March.
“Record rental prices in Hawke’s Bay (NZ$400 per week), Northland (NZ$400 per week), and Southland (NZ$275 per week) have been driving this increase, and we expect to see the median rent in provincial areas crack NZ$400 per week very soon,” Jeffries says.
Jeffries says Hawke’s Bay topped the charts for year-on-year growth, with a 14.3 per cent increase in median weekly rent.
Read the full report here.
The Trade Me Property Rental Price Index is produced from Trade Me Property data of properties that have been rented in the month by property managers and private landlords. On average, more than 11,000 properties are rented each month.
First published 18 April 2018
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