New Zealand rents remained at an all-time high in November, with the Nelson Tasman region seeing one of the highest jumps, according to the latest Trade Me Property data.
Trade Me Property sales director Gavin Lloyd says the national median weekly rent was $580 for the second month in a row in November.
“This is a 4 per cent increase when compared with the same month in 2021 and leaves it matching the all-time high first recorded in April this year.
“However, if we take a closer look at the numbers, there was a lot of variety around the country, with most of the regions seeing rents boom while Auckland and Wellington saw no year-on-year growth.”
He says the Nelson/Tasman and Taranaki regions saw the biggest jumps with both region’s median weekly rent increasing by 14 per cent.
“This resulted in a new record high in the Nelson/Tasman region of $570.
“Manawatū/Whanganui was not far behind with the region’s median weekly rent jumping 13 per cent to a new all-time high of $540.”
Marlborough (-7%), Wellington (-3%), and Auckland (0%) were the only regions to not see rents increase in November.
Gavin says while the national median rent growth this year has no doubt been tough for renters, the good news is it slowed down when compared with 2021.
“Last year we saw the national median weekly rent jump by $45 in twelve months, whereas this year it has only increased by $10 since January.”
The number of rental listings nationwide jumped by 6 per cent year-on-year in November.
“We’ve now seen supply increase year-on-year for eight months in a row.”
He says the biggest supply increases were seen in the lower North Island, with rental listings up 38 per cent year-on-year in Manawatū/Whanganui and 39 per cent in Wellington.
While supply grew, nationwide demand fell in November down 5 per cent year-on-year.
“Nelson/Tasman (-29%) and Wellington (-19%) saw the biggest drops in demand when compared with the same month in 2021.
“So long as supply floods the market and demand remains down, we should expect to see rents hold or even cool in the coming months.
