Capital’s rental drought sends rents to new high: Trade Me

Record-breaking rents in the capital have topped the $500 median for the first time, with rents around the Wellington region not far behind. According to January figures from Trade Me, the region’s rental shortage has boosted median weekly rents to a new record of $480 a week, up 6.8 per cent on a year ago. It was being pushed up by demand in Wellington city, where rents had jumped even more, to $520, up from $485 last year. Head of Trade Me property Nigel Jeffries confirmed Wellington had seen a sharp drop in the number of properties available for rent, with advertisements down 70 per cent from

Read more

Rent growing faster outside Auckland, Christchurch: Infometrics

Rents have risen nationally by 5.5 per cent, an eight-year high, and gathering pace even more strongly in provincial areas. Infometrics chief forecaster Gareth Kiernan has run his ruler over tenancy bond figures during the December quarter compared to a year ago. He found the level of rent rises outside Auckland and Christchurch was up on average by 8.7 per cent. In particular, there were significant jumps in rent in the Waikato and Bay of Plenty, which at between 7.1 per cent and 11 per cent were the highest in 12 to 13 years. Rental inflation was at an all-time high in Thames-Coromandel and Rotorua, while Hauraki, Matamata-Piako and Taupo

Read more