For Rent


Trade Me Property has reported a staggering surge of 10% or more in median weekly rents across six regions over the past year. According to the latest rental statistics from the property website, the national median rent has steadfastly held at $620 per week in September for the fourth consecutive month, marking a substantial 7.8% increase from the previous year when it stood at $575 in Trade Me’s rental listings. Gavin Lloyd, the sales director at Trade Me Property, emphasized that an additional $45 per week translated into a significant yearly expense of $2340 for renters.

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The most substantial increase was witnessed in Northland, where rents jumped by a remarkable 14.9% to a median of $580 per week, meaning tenants had to fork out an extra $75 each week compared to the previous year. Marlborough and Auckland came next in line, with median weekly rents ascending by 14% to $570 and 11.7% to $670, respectively. Meanwhile, Taranaki, Bay of Plenty, and Canterbury witnessed increases of 11.1%, 10.2%, and 10% in their weekly rents, bringing them to $600, $650, and $550. Wellington’s rents also surged by 6.7% to $640.

Trade Me’s data underscored the prevailing trend of demand for rental properties outstripping supply. In September, rental listings on the site plummeted by 16% year-on-year, while inquiries saw an 11% increase. The most significant supply-demand disparity was observed in the Auckland region, with listings down by 26% and inquiries surging by 28%. This persistent upward trajectory of Auckland rents resulted in new records, with three to four-bedroom rental properties reaching a high of $770 per week in September. Renters were compelled to pay 11.8% more for an apartment, 10% more for a unit, and 4.4% more for a townhouse compared to the previous year.

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Amidst this challenging rental environment, it appeared improbable that landlords would lower their prices in the near future. This tight market meant that tenants would need to dig deeper into their pockets if they intended to relocate.

It’s worth noting that Trade Me’s rental price data solely reflects the initial price set by landlords in their listings, not the actual rent paid by tenants. However, Stats NZ’s most recent figures indicated that national annual rent inflation, measured through new agreements, had risen by 6.2% year-on-year. Moreover, a survey conducted by the Auckland Property Investor Association revealed that 77.7% of respondents had raised their rents compared to the previous year, with 38.7% implementing an increase between 5% and 10%. Economist Tony Alexander’s landlord survey showed that 82% of landlords planned to raise rents over the next six months, a trend that had persisted since March.

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The substantial influx of migrants in the year leading up to the end of August, as evidenced by Stats NZ, had a substantial impact on rising rents. The net gain of 110,200 migrants was anticipated to further boost rents, contributing to increased housing sales and prices, according to Westpac senior economist Darren Gibbs.