Bay rent prices up, up, up

Rental house prices are up in the Bay. Photo/file

Bay of Plenty tenants have been faced with weekly median rents increases of more than 10 per cent.

New TradeMe property figures showed Bay rents were up 10.5 per cent in November when compared with the same time last year, going from a weekly median rent of $380 to $420.

Rents in the region during the past two years had risen 27 per cent, the rental index revealed.

For the entire country, the median rent was up 3.5 per cent compared with November 2015.

Head of Trade Me Property Nigel Jeffries said the jump in November looked like the first of the typical summer increases.

"Rents almost always increase in January as rental stock hits the market and landlords seize the chance to reassess the value of their rental property."

Trade Me Property Rental Index
- a monthly insight into the rental market covering price trends by type and size of property
- the index is produced from Trade Me property data
- on average 11,000 properties are rented each month and the report provides a comprehensive insight into this part of the property market for tenants, landlords and investors
- the index is calculated using the median rent in the month