Rent in the Bay of Plenty hit new records as New Zealand’s median weekly rent reached $500 for the first time in April.
This comes after a 5.3 per cent annual increase and strong growth in the provinces, according to the latest Trade Me Rental Price Index.
Head of Trade Me Rentals Aaron Clancy says it’s a big milestone and shows just how much demand existed around the country.
“It’s getting more and more expensive for New Zealand tenants, high rents aren’t just a ‘city problem’ anymore either.
“Six regions hit all-time highs in April, as a growing number of Kiwis look at their options outside our three largest cities. We’re seeing some Kiwis look further afield for their next rental, it’s a cost they can’t or don’t want to pay so they’re saying goodbye to the big city life in the regions.
“That, in turn is pushing up prices around the country. In April, the median weekly rent in the Bay of Plenty, Hawke’s Bay, Manawatu/Whanganui, Southland, Taranaki and Waikato all hit new records.”
Aaron says Hamilton is running hot after experiencing a surge of demand, up 16 per cent on last year.
The median weekly rent in Hamilton reached a new high of $450 per week in April after climbing $30 per week or 7.1 per cent year-on-year.
Auckland’s median weekly rent steadied in April after a modest 1.8 per cent annual increase to $560.
The median weekly rent in the Wellington region was up 10.4 per cent year-on-year to $530, a fall from January’s peak at $550 per week.