average rent

PHOTO: Getty Images/Newshub.

New Zealand is ranked the 13th least-affordable country to rent in the world, according to a new study out of the UK.

The Cost of Rent Index Study, released by money.co.uk on Thursday, analysed the average cost of renting a three-bedroom house in more than 50 developed countries – compared against the average living costs for a family of four. New Zealand is 13th on the list of most expensive countries to rent a three-bedroom house and 10th on the list of countries spending the highest percentage of monthly outgoings on rent.

In the past three years, rents across New Zealand have increased by $58 per week- or $232 extra per month. The average rent for a three-bedroom home in Auckland is now $603.

The Cost of Rent Index Study says New Zealanders, on average, spend 33.12 percent of their total monthly outgoings on rent.

Trade Me Rental Price Index data released last week showed New Zealand rents jumped to a record high after a stagnant few months.

It reported the national median weekly rent in June $545, up from $540 between March and May.

Gavin Lloyd, Trade Me’s property sales director, said record-high rents are being seen in several New Zealand regions.

NZ ranked as 13th-most expensive country to rent a three-bedroom house - UK study
Photo Credit: money.co.uk