Latest figures reveal just how much tenants are paying for rental properties every week in our largest cities and in New Zealand’s regions.
Median weekly rent in Auckland stays at $560 per week, Wellington is at $525 a week, and Christchurch tenants pay $400, data from Trade Me Property shows.
Trade Me’s Head of Property Nigel Jeffries said the median Auckland weekly rent has now been at $560 for four months, up 1.8 per cent on last year.
“Rents in Auckland have been relatively flat for more than a year, having only increased $10 per week since February 2018,” Jeffries says.
He says there’s still plenty of interest in the Auckland region, but the number of rentals available in the region seems to be meeting demand.
“Rentals outside Auckland’s city centre are most popular with tenants. The most enquired about property in the region in May was in Bucklands Beach – 22 kilometres from the city.”
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What about the regions?
Southland, Taranaki, Northland, Otago and the West Coast all reached new record median weekly rents in May, Jeffries says.
“Supply is simply not keeping up with demand around the country which means landlords can continue to demand top dollar for their rentals.
“Also, with the new insulation rules for rental homes coming into effect on July 1, we think landlords may be passing this cost on to tenants.”
Jeffries says rental properties nationwide had seen a surge of interest and the country’s median weekly rent rose 5.3 per cent year-on-year, to $500.
The average number of enquiries jumped 22 per cent on last year as more tenants looked to make a move in May, he says.
“Stock is battling to keep up with this growing demand and we saw a 6.7 per cent decrease in rental properties coming on to the market in May.”
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Published 20 June 2019
Pie Funds Management Limited is the issuer of the JUNO KiwiSaver Scheme. You can read our Product Disclosure Statement here. This article is general in nature only and has not taken into account any particular person’s objectives or circumstances. We recommend you speak with a financial adviser. All content is correct at time of publication date.