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NZ median weekly rent rises 4 percent in Jan

Trade Me Property’s Aaron Clancy said the summer rental rush was in full swing and every region in the country experienced an annual lift in rent in January.

Devdiscourse News Desk | Wellington | Updated: 18-02-2020 09:15 IST | Created: 18-02-2020 09:15 IST
NZ median weekly rent rises 4 percent in Jan
“Wellington held on to the title of the most expensive region to rent in January after the median rent rose $25 per week, on last year to $575 per week.” Image Credit: Max Pixel

Tenants around the country started the New Year with record-breaking rents after the national median weekly rent rose 4 percent in January 2019, to a new high of $515 per week, according to the latest Trade Me Rental Price Index.

Trade Me Property's Aaron Clancy said the summer rental rush was in full swing and every region in the country experienced an annual lift in rent in January. "We're seeing a huge demand for rental properties. Plenty of tenants kicked off 2020 by looking for a new place to rent after the number of inquiries across the country rose 86 percent in December 2019.

"Supply, on the other hand, simply isn't keeping up. In January we saw a 19 percent increase in the number of properties on-site when compared to December.

"It's a tough time of year to be a prospective tenant. As many moves back to the main students' hubs for the university year and a lot of tenancies come up for renewal, competition ramps up dramatically and rentals get snapped up fast. Tenants really need to put their best foot forward to stand out from the crowd and get the place they want."

Mr. Clancy said some of the provinces saw some strong double-digit growth. "Gisborne and Southland topped the charts for year-on-year growth, with the median weekly rent rising 36 percent and 21 percent respectively. Manawatu/Whanganui and Northland also saw strong annual growth with rents rising 12 percent and 11 percent respectively."

Wellington rents keep on rising

"Wellington held on to the title of the most expensive region to rent in January after the median rent rose $25 per week, on last year to $575 per week."

Mr. Clancy said there was a silver lining for tenants. "The number of properties available to rent in Wellington was up 6 percent last year and there were a few more options for those looking for a new rental.

"Unfortunately, however, it doesn't look like this increase in supply will be enough to meet demand in the region with the number of inquiries up 9 percent on the year prior. "Taking a closer look at the Wellington region, Wellington City had the highest median weekly rent at $600 per week, followed by Porirua at $560 and Upper Hutt which reached a new record in January at $550 per week.

Mr. Clancy said Wellington continues to be the hottest region in the country for rentals. "New Zealand's most popular rental property in January was a two-bedroom house in Newtown which had 159 inquiries in the first two days onsite. The city suburb of Newtown was certainly a hot favorite for tenants in January with New Zealand's top three rental properties all in the area."

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