There’s no rise in rent once again

A rental crunch may be looming for tenants, landlords are warning.

The latest data from Trade Me Property shows that the national median asking rent remained unchanged at $440 a week for the third consecutive month in September.

Over the past 12 months, the median weekly advertised rent nationwide has only risen by $20 a week, or 4.8 per cent. Despite strong house price rises, Auckland’s median rent was particularly stubborn. Its rate of $500 a week is up just 0.2 per cent on a year earlier.

Rents fell 4.8 per cent in Canterbury.

Head of Trade Me Property Nigel Jeffries said while tenants would be pleased about an ‘‘extended breather’’, landlords might be starting to scratch their heads.

New Zealand Property Investors Federation president Terry Le Grove, said it was a problem for some landlords when rents were slow to rise.

He said costs had continued to increase at a much faster rate than tenants were paying. ‘‘At some point, it will impact supply because you can’t supply rental property if the costs keep going up and rents don’t match.’’