Property

Rental market may be becoming more competitive

Auckland’s rental market looks to be tightening, the latest Ministry of Business, Innovation and Employment statistics suggest.

Monday, December 22nd 2014

There was a drop in the number of new tenancies in November this year compared to November 2013 and a rise in median rents.

Auckland in particular showed a shift, with new tenancies down 45.3% year-on-year and the median rent up 13.7% to $492.93 per week.

Rodney had the sharpest rise in median rents within Auckland, up 11.6%.

Wellington’s median rent dropped 1.4%. Christchurch’s rent was up 4.7% while the number of new tenancies was down 18.6%.

Nationwide, the median rent of new tenancies was $370, up 4.5% year-on-year.

There were 13 regions that reported a drop in median rent. The biggest decline was  in Buller, down 20%, to $200 a week.

Wairoa had the country’s cheapest median rent, $155 per week, down 13.9% on the year before.

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