Record high for NZ weekly rents

Any shortage of supply drives prices up. It’s a cast iron law of economics. Think gold, diamonds or good service at your local. According to the latest Trade Me Rental Price Index, the current shortfall in rentable properties is doing just that to New Zealand’s rents. Plus, the demand continues to increase with population growth, falling home ownership rates and the usual rush of folk eager to secure digs before the summer rush. Over the last year, the national median weekly rent has risen by 6.6% to a record $480.

"We've seen a 3% drop year-on-year in 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," explains Aaron Clancy, Trade Me's head of rentals.

The median rent outside NZ’s three major cities has risen 10.5% to $420—a record for August. East Coast (Gisborne) renters have endured the biggest hike over the past year, up 25.9% 

A closer look reveals:

  • Auckland up 3.8% to $550
  • Waikato up 7.8% in to $415
  • Otago up 9.8% to $450

Canterbury is no exception with rents tracking ahead of inflation up 3.8% and in Christchurch things have shot up 5% For more information check out the Trade Me rental property insights.

If you’re thinking that now is the time to buy with rental prices moving on up, feel free to give me a buzz and I can help you nut out what’s possible.