• Rents rising in Auckland and Wellington

    Tenants in Auckland and Wellington are being asked to pay more despite New Zealand’s median weekly rent remaining unchanged at $440.

    The latest Trade Me stats show that Auckland’s average rent has risen $10 to $510/week and Wellington rents have jumped up to $420.

    “Auckland’s rents are up just 3 per cent on last year so landlords won’t be celebrating, but it’s significant to see rent expectations tick up for the first time in quite some time,” Head of Trade Me Property Nigel Jeffries said.

    “The average annual rent cost for a typical Auckland property is now $26,520 – still a lot less than the cost of most mortgages in the city.”

    Mr Jeffries said that Wellington was “considerably hotter” than the slight temperature increase reported in Auckland.

    “Rents in the capital are up again after a slight fall last month. In October, the weekly median rent jumped back to $420, not a record high, but enough to deliver an annual increase of 7.7 per cent on this time last year.”

    He said the Wellington market had seen strong growth since July and showed no sign of slowing down as the market moves into summer and the competitive New Year renting period.

    Outside of Wellington and Auckland, Mr Jeffries said Southland, Marlborough and Bay of Plenty showed “remarkable jumps” in October, with double-digit growth on last year and record median weekly rents.

    In contrast, there were four regions with dips on last year. In the South Island, the West Coast was down 6 per cent to $235 a week, and Canterbury dropped 4.8 per cent to $400 a week. In the North Island, Taranaki was down 2.5 per cent to $350 a week, and Gisborne was down 1.8 per cent to $280 a week.

    “Median weekly rents in Christchurch look to have found their post-rebuild sweet spot at $400 a week. Rents have steadfastly remained at t at this price for six months and are the same as they were three-and-a-half years ago.”