Every region had rent increases, except one, data shows
New Zealand’s national median weekly rent returned to a record $580 in October, a figure first hit in April, Trade Me Property data showed.
That was an increase of 4%, or $20 per week, compared to the same period last year, despite an oversupply of rental properties on the market.
Gavin Lloyd, Trade Me property sales director, said the rental price increases were partly due to rising costs being faced by landlords, including the latest OCR hike that was likely to flow on to rental prices, RNZ reported.
“It’s a cost for a landlord out there, and unfortunately in some cases what we do see is that cost does come across to rents,” Lloyd said.
According to Trade Me’s data, all regions had rent increases, except Wellington.
Manawatū Whanganui had its highest median weekly rent last month, climbing 12% on last year, to hit $515.
Lloyd expected this trend of high rental prices to continue over the next year, RNZ reported.
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