Median weekly rent jumped 16.5% in a year — so what will your money get you?
Demand for rentals in Rotorua is soaring, with one property manager saying waiting lists are so long many houses do not get listed online.
This follows new data released by Trade Me Property that show Rotorua's median weekly rent price has jumped by $42.50 in the last 12 months.
Figures for last month show the median cost of rent in Rotorua has hit $300, increasing from $257.5 in February 2015.
Median rent in Taupo and Whakatane sat at $310 and $315 respectively last month while Western Bay of Plenty saw rent prices rise from $320 to $365 in the last year. Rent in Tauranga saw a jump of $55 with the median price sitting at $425 last month.
Trade Me was unable to break the Rotorua data down into prices per suburb.
Richard Evans, business development and co-director of Rotorua Rentals, said demand for rentals was outstripping supply.
"We are having to put people on waiting lists and it is very rare for properties to sit vacant like they did 18 months ago."
He said he could not think of a time when the median rent price was as high as $300.
"It doesn't surprise me in the least. I rented out four properties [on Thursday] and three of those didn't even get listed online, we just pulled people straight from our waiting list."
Ray White rental manager Colin Elstob said there was a shortage of Rotorua rentals and those available were vacant for a shorter period of time.
"I would be careful about saying this is the highest median Rotorua has had because it does fluctuate. If one month more rentals are filled in Lynmore than Fordlands, that can skew the data."
He said his firm currently had five properties listed around the $300 mark.
"For that money you can still get a well heated, tidy three-bedroom house with a single garage and a security alarm.
"With the demand increasing and more people moving into the city from out of town, we are seeing the quality of rentals improve too."
He said Rotorua was still a cheap place to rent when compared to other areas of the Bay of Plenty.
"I just recently rented a house to a [woman] from Tauranga who was struggling to find a suitable place to rent over there. She's rented a place in Ngongotaha and will commute."
Russell Hardie Rotorua managing director Donna Russell said she had seen a steady increase in rent prices during the last 12 months.
"There is a shortage of rentals in Rotorua so that is pushing the price up. We are noticing renters are not moving because the cost of doing so has increased but at the same time we are getting a huge influx of people moving to the city which is putting pressure on our dwindling stock."
She said for $300 people could expect to rent a standard, three-bedroom "box house" which was reasonably tidy inside.
"I would expect to see these increases continue, I don't know if we'll ever surpass Tauranga in prices but it is clear what people are getting for $300 now, they were paying about $270 12 months ago."
Median weekly rent February 2016
- Tauranga: $425
- Western Bay of Plenty: $365
- Whakatane: $315
- Taupo: $310
- Rotorua: $300
- Trade Me.
No figures available for Opotiki
What you can get in Rotorua
Brick house, three large bedrooms, fire, open plan kitchen, large double garage, and garden shed.
Western Heights $280: Three bedroom house, one bathroom, heat pump, HRV system, garage and carport, good fencing.
Koutu $295: Two bedroom unit, open plan lounge, heat pump, single garage, fully fenced rear section.
Okere Falls $300: One bedroom Lockwood home, fully furnished, surrounded by trees and bushland.
Pukehangi $300: Tidy three bedroom house, one bathroom, eco panel heating, carpet, separate garage, open plan.
Springfield $330: Three bedroom house, one bathroom, carport, lock up utility shed, heat pump, fully fenced backyard.
Kawaha Point $350: Three bedroom Lockwood home, one bathroom, unique solid fuel heating, one carport, lake view.
Lynmore $380: Three bedrooms, private rear gardens, one bathroom, plenty of storage, heatpump, dishwasher, smoke alarm, internal access to garage with remote.
- Based on Trade Me Property listings on Thursday