Rents in Auckland jump $20 a week to record high

The increase is in line with the rest of New Zealand, which has been hit with about a 5 per cent year-on-year increase in April. Photo / Michael Craig
The increase is in line with the rest of New Zealand, which has been hit with about a 5 per cent year-on-year increase in April. Photo / Michael Craig

Rents in Auckland have hit a record high with the median price now $520 a week, according to one website.

The increase is in line with the rest of New Zealand, which has been hit with about a 5 per cent year-on-year increase in April, according to the latest Trade Me Property Rental Index.

Trade Me head of property Nigel Jeffries said the median weekly rent in Auckland was a knock-on effect of higher mortgages and landlords were passing the costs on to tenants.

"The median Auckland asking rent has been stagnant for the past 10 months at around $500 a week. But in April rents jumped up $20 a week to $520, a record high."

Mr Jeffries expected rents to rise further this year as landlords continued to take advantage of the increase in demand for properties.

Rents were also on the rise in other markets. The median rent in Northland was up 16.7 per cent to $350 a week on April last year.

Bay of Plenty rose 12.7 per cent to $400 a week and the Waikato was up 9.6 per cent to $360 a week.

Taranaki and Gisborne were the only two places in the North Island where rents were unchanged.

Meanwhile, tenants in the South Island can breathe a sigh of relief with the median weekly rent dropping 18 per cent from $485 to $400.

Cantabrians have also had some rent relief with an 8 per cent drop on a year ago.

- NZ Herald

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