Rents rocket across the NZ - Trade Me

Bay of Plenty saw a new record after rising 4.4 per cent to $470 per week.

New Zealand's national median rent reached a record-breaking $475 per week in April after a 5.6 per cent jump on last year, according to the latest Trade Me Property Rental Index.

Head of Trade Me Property Nigel Jeffries says rents typically cool in autumn and winter, but April bucked the seasonal trend after strong demand for rental properties in the regions pushed prices north.

Regional rents crack $400

Nigel says rents for properties outside New Zealand's three major metropolitan areas (Auckland, Wellington and Christchurch) climbed 3.9 per cent on last year to reach $400 for the first time.

"This jump across the country has been caused by strong demand in a number of regions.

"The average number of enquiries on rental listings in Taranaki soared 122 per cent on last April and Southland topped the charts with enquires up a staggering 164 per cent."

Nigel says this demand has led to record rents in Taranaki which climbed 2 per cent to $380 per week and in Southland the median weekly rent jumped 10.2 per cent to $270 per week.

"Around the remaining regions, rents in Hawke's Bay leaped 14.3 per cent to reach $400 per week and Bay of Plenty saw a new record after rising 4.4 per cent to $470 per week, just $10 less than Wellington."

The only region that didn't grow on April last year was Manawatu/Whanganui which remained unchanged on April 2017.

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6 comments

Rents

Posted on 21-05-2018 10:15 | By socantor01

Another example of market failing to meet the needs of ordinary people. Nothing to stop a huge effort by the govt to actually build real houses. The govt has to step in when market fails. One answer could be to limit the number of rental homes able to be owned by a single entity to say, five. Those with more than five could be forced to sell the excess.Would make a lot more properties available to home buyers if that is the goal. The same applies to farms. In the 1800's the govt actually passed laws to break up big farms. How many individuals/Queen Street farmers own multiple farms? No wonder the price of land is so high with many less owners.


number 11

Posted on 21-05-2018 10:19 | By usandthem

Tauranga has been recently voted by an international monitoring company as the 11th most unaffordable city in the WORLD.With that sort of record we are going to see a major decline in the number of working people moving to this area simply because of the high rents and the low wages unless Tauranga companys wake up to the fact that their employees are an asset and not a liability .


Simple really

Posted on 21-05-2018 12:01 | By MISS ADVENTURE

Less houses available to rent means higher rents have to be paid


Socantor01

Posted on 21-05-2018 15:38 | By NZer

Maybe they should ban whinging people like yourself from owning properties. That would free up thousands of house for non moaning people to have. Sounds just as fair as your idea...


Usandthem

Posted on 21-05-2018 16:18 | By maildrop

Interesting point. Makes you wonder what planet some people are on when they want to borrow money to build a museum and increase rates by 40% over 3 years.


i like my tenant

Posted on 02-06-2018 17:17 | By Capt_Kaveman

So i dropped my rent by 2.4%


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