Rents surge for urban living options

A surge in the popularity of apartments is driving this, according to this month’s Trade Me Property Rental Index.

The national median weekly rent for an apartment has increased by 7% year-on-year and by 20% in the last three years to reach a new national record of $460.

But the national median weekly rent for a unit has gone up by 2.9% to hit $360, while the national median weekly rent for a typical townhouse has stayed steady on $460.

The trend towards apartments is most pronounced in Auckland where apartment rents are more expensive than 1-2 bedroom houses.