Record-breaking rent prices in Wellington mean tenants are paying, on average, more than a thousand dollars a year more than last year.
Trade Me property data shows the median asking price for rental properties in the capital has risen nearly 7 percent compared to last January.
At $480 per week, Wellington’s median asking price for weekly rent is $40 less than Auckland’s.
That figure is nearly 25 percent higher than five years ago, when median rents were slightly more than $390 a week.
Trade Me’s head of property, Nigel Jeffries, said the surge was caused by a 70 percent decline in the number of rental properties advertised over the past year.
Mr Jeffries said this created a situation where demand was outstripping supply, with some new rentals receiving hundreds of inquiries every week.
Latest labour market and tenancy figures showing rents in Auckland and Wellington are rising faster than wage growth.
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The New Zealand median weekly rent price has not moved from $420 per week according to this article in the New Zealand Herald last Wednesday:
Some interesting figures from the article:
• 7.6pc – rent rise in Auckland (July 2015 vs July 2014)
• 4.3pc – rent rise outside Auckland
• $420 – NZ median weekly rent since April
• $495 – Auckland median weekly rent since June
• 27pc – rise in median weekly rent since July 2010
• $5460 – increase in median annual renting cost since July 2010
(source: Trade Me Property)