Rental prices continue to increase across the country
According to Trademe statistics rental prices are up across the county comparing September 2017 to September 2018. The only blip is Gisborne which has seen a massive 16.10% drop in rental price comparing September 2017 to September 2018. The South Island saw the biggest rises overall with the West Coast, Otago and Marlborough in the double figures while Hawke’s Bay was the only North Island region to reach double figures.
Some of the signs could be due to many tenants moving before the on set of summer sets in and all the better or top rental properties have gone.
Wellington have seen some change with renters heading to Upper and Lower Hutt as well as Kapiti and Porirua for cheaper rental options rather than face the shortage and higher rents of Wellington City. Wellington rents have increased 6.7 per cent compared to a year ago.
Auckland continues to stay strong though not moving anywhere, however remains at a record high of $550 for median weekly rent for the sixth month in a row, up 5.8% on last year.
Hamilton has had a surge with demand for listings with an 80 per cent increase in the number of enquiries but the number of actual listings has dropped by 15 per cent so this has pushed up rental prices by 7.9 per cent compared to a year ago.
One of the biggest performers was Otago which was up 16.9 per cent on last September to remain at a record $450 per week. The median weekly rent in Dunedin was up 18.5 per cent on last year to $430 a week. This was the largest year on year rent increase Dunedin had seen in a tleast three years.
Statistic thanks to Trade Me Property