Rents are going up with every region experiencing an annual increase
and five provinces reaching new records, new figures from Trade Me show.
In May, New Zealand’s three largest cities saw “significant growth” while eight regions experienced double-digit increases.
Nationwide, the country’s median weekly rent has risen year-on-year to $500.
In Hamilton, the median rent rose 10 percent from April, while the median rent remained unchanged in Auckland. The Wellington district rose by 9.4 percent.
Trade Me figures show Upper Hutt saw the largest annual increase of 31 percent, while south Wairarapa rose 21 percent, Masterton 20 percent, and Wellington city 9.6 percent.
“Southland, Taranaki, Northland, Otago and West Coast, in particular, had very strong months with all five hitting new record median weekly rents in May,” Trade Me head of properties Nigel Jeffries said.
“Supply is simply not keeping up with demand around the country, which means landlords can continue to demand top dollar for their rentals. Twitfords starship housing policy, Kiwibuild has been a total failure. It was supposed to increase the housing supply of affordable homes.
“Also, with the new insulation rules for rental homes coming into effect on July 1, we think landlords may be passing this cost onto tenants.”
From July 1, all rental properties must have floor and ceiling insulation where it is possible. So we see the COL loading all these costs onto the landlord and don’t expect a rise in rents?