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Trade Me : Median rents hit fresh record National median rents hit a fresh record of $475 last month, an increase of 5.6 per cent from the same time last year.

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05/21/2018 | 06:54pm CEST

Median rents hit fresh record National median rents hit a fresh record of $475 last month, an increase of 5.6 per cent from the same time last year.

According to the latest Trade Me Property Rental Index, rents outside of Auckland, Wellington and Christchurch hit $400 for the first time, up 3.9 per cent from last April.

Trade Me head of property Nigel Jeffries said it bucked the seasonal trend of rents typically cooling throughout autumn and winter.

“This jump across the country has been caused by strong demand in a number of regions,” Jeffries said.

“The average number of inquiries on rental listings in Taranaki soared 122 per cent on last April and Southland [was top] with inquiries up a staggering 164 per cent.”

Demand has also pushed up rents in Taranaki by 2 per cent to $380 a week. In Southland the median weekly rent jumped to $270, up 10.2 per cent compared with a year ago.

“Rents in Hawke’s Bay leaped 14.3 per cent to reach $400 per week and Bay of Plenty saw a new record after rising 4.4 per cent to $470 per week, just $10 less than Wellington.”

The only region that did not rise from last year was Manawatu/Whanganui, which remained unchanged from the year earlier.

The median weekly rent in Auckland was recorded at $550, up 3.8 per cent.

Copyright © 2018 The New Zealand Herald. All rights reserved., source Newspaper

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