Skyrocketing rents matching record inflation

Inflation hit a 6.9% high in the first quarter of this year and rents rose 7% year-on-year to the end of March, Trade Me’s latest Rental Price Index shows.

In Taranaki median weekly rent grew by a whopping 18% year-on-year to reach $530 in March.

For landlords the Bay of Plenty had a standout month with the median weekly rent growing by 9% to reach $600 for the first time on record. The Manawatū/Whanganui median weekly rent also fell into a new bracket at $500 for the first time marking a whopping 14% year-on-year increase. Waikato median weekly rents reached $520, up 7%.

Trade Me property sales director says it is hard news for renters, who are having to fork out significantly more for everyday items across the board, , including housing costs.