Higher rents for fewer rentals

Northland had the biggest increase, up $75 a week or 14.9%, lifting from $505 to $580 in the past 12 months, followed by Marlborough, up 14% from $500 in September last year to $570 now. Auckland is up 12% since last year with a median weekly rent of $670.

The median rent held steady at $620 per week nationwide since June this year.

Those renting are still spending significantly more year-on-year, however, with the national median rent up $45 from $575 per week last Forty five dollars a week is a fairly significant increase in weekly expenses – adding up to $2,340 in a year,” Gavin Lloyd, Trade Me’s property sales director says.

While rental prices are relatively stable across the nation, Auckland rental properties are still reaching record highs – with Auckland three to four bedroom rentals reached a new record median weekly rent of $770 in last month.