Rent increases in Bay of Plenty biggest in New Zealand

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Rental prices are up in the Bay of Plenty 17.6 per cent compared to this time last year, and median rent price has hit a record of $400.

The data was shown in Trade Me Property's latest release on the state of the New Zealand rental market.

It showed mixed results around the country, with 11 of the 15 regions increasing their median weekly rent over the last year.

Head of Trade Me Property Nigel Jeffries said the Bay of Plenty had gone from 10 per cent below the national median weekly rent (excluding Auckland) to five per cent ahead.

"The most dynamic property market in the country is without doubt the Bay of Plenty, and that applies to both the rental market and the for sale market," Mr Jeffries said.

"That means tenants in the region are forking out an extra $3,000 a year to rent a typical property than a year ago. The Bay is now the fourth most expensive area to rent in the country after Auckland, Wellington and Christchurch."

- Bay of Plenty Times

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