Average weekly rent up 7.4% in year to June

Monday 28 November 2011

The average weekly rent rose 7.4% in the year to June 2011, and 35% of New Zealand households made rent payments over that period.

By The Landlord

The figures were revealed in Statistics New Zealand's Household Economic Survey, which also found in the two years to June 2011 the proportion of households spending 30% or more of their income on housing increased from 19.5% to 21.8%.

For households in rental accommodation that figure increased from 33.8% of households to 39.1%.

The survey revealed that for households in rental accommodation the average weekly rent increased 7.4%, from $242 in 2009/10 to $260 in 2010/11. This increase followed a slight decrease in 2009/10 resulting in a 6.6% increase over the two years from 2008/09 to 2010/11.

In 2010/11, 38% of households made weekly rent payments of $300 or more, up from 33% in 2009/10, and 34% in 2008/09.

In 2010/11, 8% of households made weekly rent payments of $450 and over, relatively unchanged from 2009/10 and 2008/09.

The survey found that when it comes to mortgage rates, average weekly payments were little changed.

In the year to June 2011, 31% of all households made mortgage payments.

Over the two years from June 2009 to June 2011, average weekly mortgage payments fell slightly, down 1.8% from $376 to $369, with Statistics NZ citing a decrease in mortgage interest payments for the fall.

While rents have risen, and mortgage payments remained relatively unchanged, there has been little change in income over the last two years.

The average household income increased slightly from $76,584 in the year ended June 2010 to $79, 159 in the year ended June 2011. However, the median annual household income decreased slightly from $63,237 to $62,853.

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