Summer rush boosts rents

A push to get into a new rental property before summer has been blamed for a national median rent increase last month.

Trade Me said the median asking rent on its site during the month was up 4.2 per cent, year-on-year, to $500 last month.

If Auckland was excluded, the pace of rent growth was 7.1 per cent.

Rent in Manawatu/Whanganui and in Nelson/Tasman was up 15.2 per cent and 9.8 per cent, respectively. Wellington was up 10 per cent.

Spokesman Aaron Clancy said while the number of listings was about the same, 17 per cent more people were looking at them.

‘‘The pace of rent growth across the country will be alarming for a lot of tenants and the trend we’re seeing now suggests the peak season in summer is going to deliver some new price records. Demand for rentals has increased enormously year-on-year and until there’s a spike in supply, high rents will be the new normal.’’

Auckland’s median rent was $560 last month, up $10 from 2018.

‘‘There is still decent demand in the Auckland market,’’ Clancy said. ‘‘The number of inquiries on rental properties in the region rose 21 per cent on November 2018.’’

He said Wellington was on track to overtake Auckland as the most expensive region. Wellington is already the most expensive urban centre, with a median rent in the centre of $585 a week.

Clancy said the median weekly rent had increased across all house sizes compared to November last year, with rents for small houses increasing the most, up 7.5 per cent to $430 per week. Excluding the Auckland region, weekly rent for medium-sized homes reached a new high of $495.

The most sought-after listing in the month was a two-bedroom Brooklyn, Wellington, house that had 81 inquiries during its first two days on the site. It was listed for $395 a week.