The national median weekly rent was $560 in November, matching the all-time high first recorded in October, according to Trade Me’s latest Rental Price Index.
Trade Me Property Sales Director Gavin Lloyd said while the national median rent saw no month-on-month change in November, it marked an 8 per cent increase when compared with the same month last year. “While tenants around the country will be relieved to hear rents have not reached yet another record high, we’re still seeing substantial year-on-year growth and it’s a tough market for renters.”
Mr Lloyd said all-time high median weekly rents were seen in Bay of Plenty ($520) Gisborne ($570), Manawatū/Whanganui ($480), and Marlborough ($485). “Median weekly rents saw a year-on-year increase of over 10 per cent in Canterbury (10%), Hawke’s Bay (13%), Northland (10%).”
When compared with November last year, Mr Lloyd said national rental market supply dropped by 6 per cent last month. “Demand on the other hand, increased by 1 per cent year-on-year, putting added pressure on the market.”
Looking ahead, Mr Lloyd said unfortunately for renters we’re likely to see rental price increases continue over summer. “We’re now entering a typically busy time of year in the rental market, and with the added impact of Auckland’s border opening up we may see more increases in the New Year.”
Auckland rents steady at $600
Auckland’s median weekly rent was $600 for the second month in a row in November. “After reaching the $600 milestone for the first time in October, the region’s median weekly rent saw no change last month.”
Looking closer at Auckland City, the median weekly rent was $590 in the district, showing a 7 per cent year-on-year increase.
Mr Lloyd said the most expensive Auckland district was North Shore City ($650), followed by Manukau ($620), and Waitakere City ($600) last month.
| District | Median Weekly Rent | ||
|---|---|---|---|
| North Shore City | North Shore City | $650 | $650 |
| Manukau | Manukau | $620 | $620 |
| Waitakere City | Waitakere City | $600 | $600 |
Mr Lloyd said demand in the Auckland region was down by 10 per cent year-on-year in November, while supply was up by 1 per cent.
“November’s most popular Auckland rental was a three-bedroom house on Jellicoe Road, in Manurewa. It had a weekly rent of $500 and received 102 enquiries in its first two days onsite.”
Wellington rents remain at all-time high
In the Wellington region the median weekly rent was $620 for the second month in a row in November. “Wellington City’s median weekly rent fell slightly month-on-month to $630, from $645 in November.”
Mr Lloyd said this puts the district alongside Porirua ($650) and Lower Hutt ($600) as one the most expensive spots in the region.
| District | Median Weekly Rent | ||
|---|---|---|---|
| Porirua | Porirua | $650 | $650 |
| Wellington City | Wellington City | $630 | $630 |
| Lower Hutt | Lower Hutt | $600 | $600 |
Demand for rentals in the Wellington region was up by 10 per cent last month when compared with the same month in 2020, while supply was down by 3 per cent.
“The most popular rental in the region last month was a one-bedroom apartment on Jackson Street, Petone for $310 per week. The property received 109 enquiries in its first two days onsite.”
Medium-sized properties in Christchurch see record high rents
Mr Lloyd said medium properties (3-4 bedrooms) in Christchurch saw an all-time high median rent last month, at $530. “This marked a year-on-year increase of 10 per cent.”
New records for townhouse and unit rents
Urban properties saw rent increases across the board last month. ”The national median weekly rent for townhouses reached a new high of $600 in November, increasing by 9 per cent year-on-year.”
NOTES
- About the Trade Me Property Rental Price Index: This report provides a comprehensive monthly insight into the rental market covering price trends by type and size of property across New Zealand. The 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 over 11,000 properties are rented each month and the report provides a comprehensive insight into this part of the property market for tenants, landlords and investors. The index is calculated using the rounded median rent in the month, this being an accurate statistical assessment of the current rent being charged by landlords and property managers.
- More info: For information about the differences between the Trade Me Property data and bond data collected by Tenancy Services, please read this post by Dr Lucy Telfar-Barnard from the University of Otago:
http://onetwothreehome.org.nz/2015/05/11/how-high-is-the-rent/
