Bay's weekly rents increase 20pc in past year

Bay of Plenty is the most challenging market for tenants, with median weekly rents in the region jumping by 20 per cent in the past year, Trade Me says. Photo/File

Weekly rents in the Bay of Plenty have increased 20 per cent in the past year, according to new data from Trade Me.

The rental growth is outstripping Auckland, where median weekly rents went up just $1 in the past year.

Bay of Plenty was one of the two strongest regions for median weekly rent increases in the past year at 20 per cent, closely followed by Manawatu at 17 per cent.

Head of Trade Me Property Nigel Jeffries said the Bay of Plenty was the most challenging market for tenants.

"Tenants in the Bay of Plenty are paying approximately $3,500 more a year for their rental property than they were a year ago. The region's median weekly rent has hit $420 a week, the same median weekly rent as we see in Wellington."

Mr Jeffries said Auckland's median weekly rent had fallen from a record high of $520 in May and was up less than 20 per cent over the past five years.

"Of the 12 regions to see rental growth compared to last year, Auckland was dragging the chain with just 0.3 per cent growth.

"Our largest city is seeing growth outstripped by the Bay of Plenty and Manawatu, with both regions seeing huge double-digit rental growth in the last year."