Property Management

Rents remain at all-time highs

Nationally rents remained at an all-time weekly high of $550 in August despite the country entering a nationwide lockdown.

Friday, September 17th 2021

Trade Me’s latest Rental Price Index shows the national median weekly rent matched the record high – first seen in July – and rose 8% on the same time last year.

Records were broken in Southland ($395), Waikato ($500), Bay of Plenty ($560) and Canterbury ($490).

Trade Me property sales director Gavin Lloyd says prices were expected to slow considering tenants and landlords were stuck at home for most of the month. Instead, the rental market charged on.

Every region in the country had an annual increase in rent.

Unlike house prices, the alert level restrictions resulted in a marked drop in both market supply and demand last month, as prospective tenants could not view or visit properties.

There was an 18% drop in the number of properties listed for rent onsite across the country when compared with the same month last year.

Southland was the only region to flout this, with a 10% increase in supply when compared with the same month last year.

National demand also dropped by 16% year-on-year in August, mirroring what has happened in past lockdowns.

There were some exceptions. Marlborough (11%), Bay of Plenty (4%), Canterbury (3%) and Manawatū/Whanganui (2%) had increases in demand last month when compared with August last year.

Lloyd says he expects the rental market to make a quick recovery.

“It has been running hot since coming out of the first nationwide lockdown last year, despite many predicting it would slow down.

“We’re expecting this time won’t be any different and we’ll see listing numbers make a swift recovery in the next couple of months.”

Wellington rents

The median weekly rent in the Wellington region was $600 in August, up 9% year-on-year.

This is only the second time rents have reached the $600 bracket after reaching an all-time high of $615 in January.

The median weekly rent in Wellington City was also sitting at $600. The median weekly rent in Porirua was higher than the city last month, at $650.

After overtaking Wellington City for the first time in July, the median weekly rent in Upper Hutt was $595 last month, making it the third most expensive district in the region.

Demand for rentals in the Wellington region was down by 25% last month when compared with the same month last year, while supply was down by 16%.

Auckland’s median rent

In the Auckland region, the median weekly rent in August remained at $595 for the second month in a row.

“This marks a 4% increase on the same month last year,” says Lloyd.

Auckland City’s median weekly rent was $570. The most expensive districts in the region were North Shore City ($630), Papakura ($620) and Manukau ($605).


No comments yet

Select Home Loans 4.29
TSB Special 4.34
ICBC 4.39
HSBC Premier 4.39
Heartland Bank - Online 4.40
China Construction Bank Special 4.45
SBS Bank Special 4.55
Kainga Ora 4.57
Co-operative Bank - First Home Special 4.75
Kiwibank Special 4.85
AIA 4.85
Select Home Loans 4.86
Heartland Bank - Online 4.90
TSB Special 4.99
ICBC 5.09
HSBC Premier 5.15
SBS Bank Special 5.19
China Construction Bank Special 5.19
Kiwibank Special 5.19
AIA 5.35
Co-operative Bank - Owner Occ 5.35
First Credit Union Special 5.45
Select Home Loans 5.20
TSB Special 5.75
Kiwibank Special 5.79
HSBC Premier 5.89
ICBC 5.89
SBS Bank Special 5.95
BNZ - Classic 6.19
Resimac 6.33
China Construction Bank Special 6.35
Westpac Special 6.39
Kainga Ora 6.43
Select Home Loans 4.09
Heartland Bank - Online 4.10
Pepper Money 4.49
TSB Special 4.79
Liberty 4.84
Kiwibank Special 5.00
ICBC 5.25
Kainga Ora 5.43
China Construction Bank 5.50
Kiwibank 5.50
Kiwibank - Offset 5.50

More Stories

Patchy housing market shows widespread falls as well as some increases

Thursday, June 23rd 2022

Patchy housing market shows widespread falls as well as some increases

Despite the widespread fall in house prices across the country, some suburbs are bucking the trend and rising.

Banks switch focus to refinancing

Wednesday, June 22nd 2022

Banks switch focus to refinancing

Banks are moving into offering incentives for investors and homeowners to switch when refinancing their mortgages as property sales plummet.

Questions over new office construction

Tuesday, June 21st 2022

Questions over new office construction

New build office development activity is ramping up in Auckland, Wellington and Christchurch, but is now the best time to proceed?

Interest rates go higher

Tuesday, June 21st 2022

Interest rates go higher

Mortgage rates are being pushed to new highs as ANZ, New Zealand’s biggest home loan bank, adjusts its rates.