Rents hitting record high – Trade Me

The cost of renting has never been higher, with national median rents hitting $515 per week in January, Trade Me says.

According to the latest Trade Me rental price index, national median weekly rents rose 4 per cent in January.

Wellington held the title as being the most expensive region to rent with median weekly rents rising $25 on the same time last year to $575 per week. Wellington City median weekly rents were even higher at $600 per week.

Trade Me property spokesman Aaron Clancy said every region experienced an annual increase in rent in January due to the ‘‘summer rental rush’’ resulting in ‘‘huge demand’’.

The number of inquiries across the country rose 86 per cent on December 2019, he said. In January there was a 19 per cent increase in the number of properties on Trade Me compared to December, indicating supply was not keeping up with demand.

In Wellington, where rents were the highest in the country, one two-bedroom house in Newtown had 159 inquiries in the first two days of being listed.

Gisborne had the highest annual increase with median weekly rents rising 36 per cent, followed by Southland, where rents rose 21 per cent in 2019.