Tenants in New Zealand’s provinces face record rents, after the median rental price rose to an all-time high of NZ$420 a week.
The Trade Me Rental Price Index shows the median rent rose 10.5 per cent on last year in areas outside Auckland, Wellington and Christchurch.
The median weekly rent in Auckland remained at a record high NZ$550 for the fifth month in a row, up 3.8 per cent on last year.
Of the rise in the provinces, Trade Me’s head of rentals Aaron Clancy says: “In August, we typically see rents slow right down as we hit the seasonal winter slump, but this year the provincial rental market has bucked that trend, indicating that we’re headed for record rents this summer.”
Nationwide, the median weekly rent was up 6.7 per cent on last year, and remained at a record high of NZ$480 for a third consecutive month.
A dip in the number of rental listings onsite and tenants trying to get ahead of the summer rental rush drove the increase, Clancy says in a press release.
“We’ve seen a 3 per cent drop year-on-year in the number of rental properties across the country and after last summer’s madness some tenants are making a move now to avoid risking a costlier rental in summer,” he says.
Read the full data release here.
First published 26 September, 2018
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