“However, if we take a closer look at the numbers, there was a lot of variety around the country, with most of the regions seeing rents boom while Auckland and Wellington saw no year-on-year growth.”

Mr Lloyd said the Nelson/Tasman and Taranaki regions saw the biggest jumps with both region’s median weekly rent increasing by 14 per cent. “This resulted in a new record high in the Nelson/Tasman region of $570.

“Manawatū/Whanganui was not far behind with the region’s median weekly rent jumping 13 per cent to a new all-time high of $540.” Mr Lloyd said Marlborough (-7%), Wellington (-3%), and Auckland (0%) were the only regions to not see rents increase in November.

“Auckland, Wellington, and Bay of Plenty were all tied as the most expensive regions to rent, with all three seeing a median weekly rent of $600.”

Mr Lloyd said while the national median rent growth this year has no doubt been tough for renters, the good news is it slowed down when compared with 2021. “Last year we saw the national median weekly rent jump by $45 in twelve months, whereas this year it has only increased by $10 since January.”

Rental Price Index - November 2022

Supply skyrockets in the lower North Island

Auckland rents fall back to $600

Wellington rents fall by 3%

Large properties rents see the biggest growth