Tauranga rents swell to record high in April

Tauranga's weekly median rents have reached another record high of $630, new data shows. Photo / Getty Images

Tauranga's weekly median rents have reached another record high of $630, new data shows.

Trade Me's April Rental Price Index showed the city's median weekly rent jumped eight per cent year-on-year in April to $630.

Gavin Lloyd, Trade Me property sales director, said this was an "all-time" high for Tauranga.

The number of rental properties on the market dropped by three per cent year-on-year in the Tauranga last month, while demand increased by seven per cent.

In April, the Bay of Plenty's median weekly rent was $600, up nine per cent compared with April 2021.

Demand for rentals in the region increased by two per cent year-on-year last month, while supply fell by nine per cent in the same period.

Lloyd said last month's most popular rental in the region was a two-bedroom house on Levers Rd in Matua.

"The $500-a-week property received 2500 views in its first week onsite."

Rotorua's median weekly rent climbed four per cent year-on-year to $500, but it was less than $530 in March 2022.

Compared to April 2021, Rotorua's rental market supply dropped by 25 per cent last month. Demand also dropped by 14 per cent year-on-year in April.

"With demand in the Bay of Plenty consistently outstripping supply and putting pressure on the market, we are seeing prices continue to increase," Lloyd said.

Nationwide, Lloyd said rents reached new heights last month.

The national median weekly rent grew by seven per cent compared with April 2021 to a
record $580.

"With New Zealand's national rent edging closer to $600 per week, the rising cost of food and fuel, many Kiwi households will be finding it tough.

"April was the second month in a row where we have seen rents jump by seven per cent year-on-year and means tenants are now paying $40 a week more than they were this time last year."