Property expert says rental costs could dramatically rise in the coming months - 'Find a new flat now if you can'

The cost of renting could drastically increase in the coming months, according to new figures from Trade Me.

Summer is already a typically hectic rental period, particularly in Wellington and Auckland.

Trade Me's head of property Nigel Jeffries says if renters want to avoid price hikes, they should think about moving now.

"The January, February, March period is going to be really busy, and again we can expect that $20 to $50 a week jump over that period," he told Breakfast.

"If renters are able to move now we recommend you get into a flat or a new house now, rather than waiting."

Winter rent prices remained relatively steady this year, instead of taking the usual dip during the cooler months.

There was a tightening supply, with a six per cent dip in the number of rentals onsite year-on-year.

The median rent in Wellington is $480 a week, and $550 in Auckland.

In Otago, the median weekly rent rose 16.9 per cent to $450 a week in the year to September.

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Trade Me’s head of property Nigel Jeffries says renters should move now if they want to avoid price hikes. Source: Breakfast

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