Winter brings little movement in the national rental market
Otago has overtaken all other regions as the most expensive place to rent in Aotearoa, with the median weekly rent hitting a record $685 in August, according to the latest Trade Me Property data.
The figure is up 5.4% on the same month last year and more than $85 higher than in July.
Trade Me Property spokesperson Casey Wylde said two areas in particular were driving the steep rise.
“The sharp jump can be attributed to big increases in rental prices in Dunedin, which jumped $75 per week on July to $650, along with the already high costs in the Queenstown-Lakes District – with the median weekly rent at $800 per week,” she said.
Wylde noted that demand for properties in both parts of the region remained strong.
“It’s clear, from what we see in rental prices, and in what people are viewing on Trade Me Property, both these areas of Otago remain desirable, and people continue to be keen to live there.”
In July, Otago was the fifth most expensive place to rent, alongside Wellington at $600 per week. By August, it had surged ahead of Auckland ($660), Bay of Plenty and Gisborne (both $650), and Hawke’s Bay ($640).
National picture steady
Across the country, the national median rent held at $620 a week in August, marking the third month in a row without change, which Wylde said reflected “the seasonal stability we expect over the winter period.”
However, not all regions are following the same trend. The Wellington market continues to soften, with the median weekly rent in Pōneke falling to $595 in August, down 8.5% year-on-year.
Auckland also saw relief for tenants, with the city’s median rent at $660 – 2.2% lower than the same month in 2023.
Property size driving variation
Wylde said property size was creating notable differences within markets.
“In Wellington, properties with five or more bedrooms saw rents shoot up nearly 19% to $1,100 a week, while 3-4- and 1-2-bedroom homes saw rents fall 7.4% and 9.5%, respectively.”
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