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Rent prices stagnate - unless you're near Auckland

New Zealand rent has stayed stagnant for almost a year, according to Trade Me.

The national median weekly rent remained at $450 for the last 10 months, up 2.3 per cent on September 2016.

It is the first time in more than seven years that national weekly rent has remained the same for such a long period of time, said head of Trade Me Property Nigel Jeffries.

"We could be looking at a full year of flat rent at this point which is welcome news for tenants," he said.

But small houses outside Auckland had seen rent increase.

"It now costs tenants almost $20,000 a year to rent a one to two bedroom house after the median weekly rent crept up 7 per cent to $375," Jeffries said.

The price hike was largely driven by small houses outside Auckland, which climbed 10 per cent in the last year to $330 per week, costing tenants an additional $1560 a year.

The median weekly rent in Auckland fell $10 to $520 in September, but was still up 4 per cent on last year.

Rent for Wellington remained at $450 per week, and was up 9.8 per cent year-on-year.

"Wellington experienced huge growth earlier this year, but since March it's mirrored the national average sitting at $450 a week. Auckland has also been relatively flat, since October 2016 rents have fluctuated between $510 and $530," Jeffries said.

Bay of Plenty jumped $25 in September, to $450, and Northland rent rose $20 to $395.

"The Bay of Plenty is once again level with Wellington as our second most expensive region, while Northland is just behind the record of $399 per week set back in in July," Jeffries said.

Meanwhile, South Island rent had dropped.

The median weekly rent in the West Coast and Marlborough dropped 6 per cent to $235 and $320 respectively.

Canterbury fell 2.5 per cent on last year to $390 per week.

Real Estate Investar Editor
Real Estate Investar Editor
Real Estate Investar provides intelligent software, tools and data to help you save time and make money in the residential property investment market.

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